Burke remains ‘cautious’ over JLT’s business
The chief executive officer of JLT, Dominic Burke, has said that he remains cautious about the outlook for the underlying business in a tough market.
In its third quarter interim management statement, the broker said that the group’s trading performance for the period has been broadly in line with its expectations. JLT added that it had seen “good levels of overall organic revenue growth consistent with the rate delivered during the first six months of the year.”
JLT said its risk and insurance businesses delivered good overall levels of organic revenue growth despite increasingly challenging trading conditions. This was driven by new client wins and increased penetration.
According to the broker, its UK business has also made solid progress, with a number of new client wins and a strong pipeline of activity and new opportunities emerging from the significant changes affecting the UK pensions industry.
On the integration of Towers Watson Re, JLT said it was progressing well and the combined JLT Re business is building a strong pipeline for 2015 and beyond.
Dominic Burke, chief executive said: "I am encouraged by the success we have had in attracting leading market professionals from across the industry to join our new US Specialty business. This has enabled us to accelerate our investment plans, with the result of bringing some of our projected future expense forward into the second half of the current year.
“The good levels of organic revenue growth we are achieving demonstrate the success of our strategy of deepening our specialty focus and expanding our geographical reach and give us confidence in our investment plans which are designed to drive sustainable and long term growth."
