Jardine Lloyd Thompson Group, a risk management adviser, insurance and reinsurance broker, has announced the acquisition of HWS Holdings, with its two Lloyd's broker subsidiaries Harman Wicks & Swayne Limited, and Harman Wicks & Swayne International Limited.
HWS’s reinsurance broking business will be combined with Jardine Lloyd Thompson Group’s (JLT) existing non-marine treaty operation and will trade as part of JLT Re. The UK wholesale business will be integrated within JLT’s UK insurance broking business.
HWS is being purchased from its shareholders, which consist wholly of its management and employees, for a net cash consideration comprising an initial payment of GBP5 million and a deferred element up to a maximum of GBP3.75 million. The deferred element is based on the future performance of the business.
Chris Harman and Ian Wicks, the founders of HWS, together with Bradley Maltese, will join JLT Re as members of the reinsurance executive group, with Chris Harman becoming the deputy chairman. Mr Maltese will head up the JLT Re non-marine treaty team in London.
Mr Harman said: We are very excited about joining a company with such an excellent reputation as JLT and being part of a larger group. It will give us the increased international reach and greater resources, particularly in the area of modeling and actuarial capabilities, to enhance our ability to offer our client base the advice and service that has always been our hallmark.
Alan Griffin, chairman and CEO of JLT Reinsurance Brokers Limited, added: HWS brings scale and leadership to our London based non-marine treaty operation complementing our traditional strengths in marine, energy and aviation. Along with the build-out of our global facultative capabilities and our US and Asia operations, the JLT Re brand and client-focused culture makes us a serious alternative to our major competitors.