JLT agrees £22m settlement with Willis over staff poaching

Re/insurance firm Jardine Lloyd Thompson Group (JLT) has reached a settlement and concluded litigation with Willis regarding certain employment related disputes involving the fine arts, jewellery, and specie team hired by JLT from Willis in 2015.

JLT said a provision of approximately £22 million ($31.3 million) will be charged as part of second quarter results as a consequence of the settlement, relating to the settlement itself and associated costs, and is incremental to any previously raised litigation provisions.  This charge will be treated as an exceptional item and included in net litigation costs, as it is unrelated to the underlying business and trading performance of the Group.

Terms of the settlement are final and confidential and the matter is now closed.