JLT to acquire Towergate broker
Jardine Lloyd Thompson (JLT) has agreed to acquire Hayward Aviation from Towergate Insurance for £27 million.
Hayward Aviation is a specialist aviation insurance broker that arranges insurance for regional airlines, small commercial fleets of fixed wing aircraft and helicopters, individual jets, light aircraft and helicopters owned by private clients.
For the year ended December 31, 2013, the business generated revenues of £10 million and profit before tax of £3 million.
JLT said the acquisition accelerates its strategy of leveraging this success into adjacent parts of the aerospace market, by significantly enhancing the brand, scale and capability of its general aviation activities.
The acquisition is expected to complete in early 2015. Integration of the business will take place in 2015 and the Hayward Aviation brand will be retained.
Dominic Burke, group chief executive of JLT, said: "This acquisition provides a unique opportunity to bring together one of the best general aviation brokers in the world with JLT’s market-leading aerospace capabilities and international network to create a strong platform for growth in one of our core areas of specialisation. We have long admired Hayward Aviation and are delighted to welcome the team and their clients to JLT.”
Guy Holland-Bosworth, chief executive of Hayward Aviation, said: "JLT offers our clients and our people a fantastic opportunity to join a company that shares our specialty-focused strategy and our client-first and entrepreneurial culture. As part of JLT, we are now able to fulfil our ambition of building a truly global general aviation business."
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