Chief exec Burke sees acquisition as perfect fit for business
JLT has swooped in for a chunk of HSBC Insurance Brokers, while Marsh closes in on a deal to clinch the bulk of the bank-owned broker.
JLT snapped up HSBC Actuaries and Consultants Ltd (HACL), a UK employee benefits and actuarial consulting firm, in a deal worth £27.5m.
Market sources believe it could pave the way for Marsh to pick up HSBC Insurance Brokers’ intermediary business.
Talks are understood to be still ongoing, with Marsh believed to be keen to finish negotiations one way or another before the end of the year.
JLT chief executive Dominic Burke said: “The acquisition fits squarely with our stated strategy of bolt-on acquisitions and adds substantially to a core component of the JLT Group. It is a complementary deal, playing to our strengths and adding capabilities in important professional fields.
“The combination of HACL with our UK employee benefits business creates many exciting opportunities for growth and improved financial performance that have already been identified by the two management teams working together.”
HCAL reported revenue of £40.1m for 2008, generating an operating profit of £2.8m.