Jardine Lloyd Thompson (JLT) is all set to integrate its Spanish retail broking business JLT-SIACI Espana with March - Unipsa Correduria de Seguros (Unipsa) in a bid to build on its European network strategy of holding associate stakes in independent businesses.
As part of the transaction, JLT will have a 25% interest in the combined business, March – JLT, which has a total consideration of EUR16.8m including cash and JLT’s existing Spanish business, subject to Spanish regulatory approval.
Unipsa CEO Carlos Navarro said that the acquisition will build a robust platform in the Spanish market to effectively service domestic, European and International clients.
"The deal will significantly strengthen the services and product offerings of the new operation, developing industry specialist skills for the benefit of existing and prospective clients," Navarro added.
JLT’s Risk & Insurance division International chairman Mark Drummond Brady commented on the transaction that the combined business will allow better exploitation of cross-border opportunities in Europe and Latin America while JLT Network will create a link to reach the international and London markets.
Unipsa is a commercial insurance broker in Spain and a subsidiary of Banca March with offices in Madrid, Mallorca and Barcelona and representation in five other locations.
The company had EUR16.7m of revenues in 2010.