News that Jardine Lloyd Thompson Group (JLT) intends to carry out a major operational restructure caused a flurry of activity in its share price.
A statement confirming the overhaul of both the structure and management of its operations in the London market and internationally, saw JLT's shares climb as high as 434p, before sliding to 419p.
Elsewhere, fresh buying for Catlin took its shares up 8p to 500p following the announcement that it was to buy Wellington Underwriting.
After the acceptance of the deal, which will make Catlin the largest underwriting operation at Lloyd's, the shares initially fell more than 15p to 492p.
Broker Seymour Pierce, starting new coverage on the insurer, rated it 'outperform', in the expectation that it will beat the market return.
The stockbroker explained: "The offer for Wellington seems to be priced about right to give a return to Wellington shareholders, but keeps some behind for Catlin as well."
Seymour Pierce added that although expected post-tax synergies of $70m were "a little ambitious", even a low Wellington deal could still work for the insurer and "fit nicely" with its strategy to expand into the US.
Meanwhile, Wellington, immediately up 7p after the acquisition news, remained steady at 119p as Insurance Times went to press. IT
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
