Broking group hails positive start, but warns of tough conditions

Broking group Jardine Lloyd’s Thompson said its risk and insurance division is achieving “encouraging levels of growth” in its first-quarter interim management statement.

The company said the growth in the division, which houses its broking businesses, was thanks to a strong contribution from Latin America and Asia as well as its growing reinsurance business.

While providing no figures, the group said it had made a positive start to the year and was trading in line with expectations. “Insurance markets continue to be competitive across most sectors although there has been some stabilisation of rates, as well as evidence of hardening in respect of certain catastrophe related risks,” the statement said.

It added that the acquisitions of Alta SA in Chile and of FBD Insurance Brokers Ireland made in the second half of 2011 are performing well and in line with expectations.

“Notwithstanding the continuing uncertain global economic outlook JLT remains well placed to make financial progress in 2012,” the statement said.

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