Opportunistic acquisitions sought after restructure
Jardine Lloyd Thompson is on the look out for "opportunistic" acquisitions to complement its recent restructure.
Earlier this year, JLT withdrew its bid to acquire Heath Lambert after due diligence inquiries revealed problems with synergies between the two brokers.
Dominic Burke, who was appointed as chief executive of JLT Group a year ago, told Insurance Times any attempt to acquire the broker would be met with rejection. However, JLT is ready to make acquisitions.
He declared: "We have made a significant step forward in the last year and it has been very positive for our people. Now we have come to the end of my first year, the team has gelled and what we have will bear fruit."
Burke added: "There is some consolidation to be done. We have a strong balance sheet and are now in the position where we will look at opportunities to grow the new model."
Growth, he said would be "narrow, but much deeper in our lines of business".
Unlike many of his Lloyd's broker competitors, Burke remains committed to the London market. "Bermuda is important, but Lloyd's is our strongest trading partner, our core asset base," he said.