JLT wants to expand its presence in Ireland
JLT Ireland, the Irish arm of Lloyd’s broker JLT, is buying Dublin-based FBD Insurance Brokers in a deal worth up to €8.5m (£7.1m).
The acquisition of the Irish agri-food specialist also includes companies FBD Risk Management Services and International Loss Control Services.
JLT said it intends to merge FBD with JLT Ireland. JLT will pay an initial €6.75m fee and an additional payment of €500k adjustable on working capital, and a deferred payment up to but not exceeding €1.25m, payable based on the financial performance of FBD in the year following completion.
FBD was established in 1973 by FBD Holdings plc as a commercial and corporate broker.
FBD employs 33 staff and specialises in the Irish agri-food sector with strong positions in waste management and the renewable energy sectors.
FRMS provides cost-effective risk management services and ILCS is a liability and motor claims management and administration company.
The FBD team, led by managing director Eamonn Bergin, will join JLT Ireland.
Bergin said: “Bringing together the experience and established reputation of FBD Brokers with the national and international presence of JLT Ireland and its parent will provide strong foundations for the continued growth and successful development of the combined business.”
Pat Howett, chief executive of JLT Ireland, said: “We are pleased to welcome FBD Brokers into the JLT Group. The deal is highly beneficial to the clients and employees of both organisations.
“FBD Brokers will add significantly to our increasingly important Irish business activities and our growing global specialty food and agribusiness.”
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