Ireland-based JLT Insurance Brokers, a wholly owned subsidiary of Jardine Lloyd Thompson Group, has acquired FBD Insurance Brokers in a move to expand its presence in Ireland.

The total transaction includes an initial payment of EUR6.75m, an additional payment of EUR 500k adjustable on working capital and a deferred payment of up to EUR1.25m, which is payable depending on the performance of FBD Brokers.

As part of the transaction, JLT has also acquired FBD Risk Management Services (FRMS) and International Loss Control Services Ltd (ILCS). The businesses of FBD Brokers will be integrated with the existing business of JLT Ireland.

The acquisition is also in line with JLT’s strategy to build its international reach and focus on specialist areas.

According to JLT, the team will be led by managing director of FBD Brokers, Eamonn Bergin, to further strengthen the services currently being provided to existing and future clients in Ireland.

FBD Insurance Brokers was established in 1973 by FBD Holdings, to manage the commercial insurance needs of large commercial and corporate clients.