Jardine Lloyd Thompson Group (JLT), an employee benefits consultant, has agreed to acquire an initial stake of 50.1% in Alta, a reinsurance broker in Latin America, with an option to acquire further 25% in 2020.
Alta is a holding company of Orbital Corredores de Seguros in Chile, with net revenues of $ 8.1m in 2010 and produced a profit before taxation of $3.4m.
It is expected that JLT will acquire the 50.1% stake from the management of Alta which is led by their CEO, Jose Ignacio Lathrop and chairman, Federico Tagle.
JLT said upon completion of the transaction, Lathrop and Tagle will continue in their existing roles.
JLT’s Latin American operations CEO Vyvienne Wade said this acquisition continues JLT’s drive to expand its Latin American businesses following a strong performance in 2010 which will add presence in the region where we already have majority owned operations Brazil, Colombia and Peru.
The acquisition, subject to regulatory approvals, is expected to complete in the second half of 2011.