JLT Group sells majority of Thistle UK business to PIB
Jardine Lloyd Thompson Group (JLT) has reached an agreement to sell the majority of its Thistle UK business to PIB Group.
The Thistle UK activities to be divested include its online, affinity scheme and small-to-medium enterprises businesses and its managing general agent underwriting arm. Thistle's London Market risks, education and housing businesses have been merged into JLT Specialty.
For the year ended December 31, 2015, revenues for the divested Thistle UK businesses were approximately $23 million.
The transaction is expected to be completed before the end of 2016 and is not anticipated to have a material impact on Group's results.
"This is an excellent move for both Thistle UK and JLT, sharpening our focus on delivering innovative solutions for clients in our respective segments of the market," said Adrian Girling, chairman of JLT Specialty.
"JLT's strategy remains on deepening our activities around our specialist areas of expertise, delivering solutions to clients with the most complex needs, a strategy that differentiates us from our competitors.
"We would like to take the opportunity to thank our colleagues at Thistle UK for their hard work and commitment, and wish them every continued success with PIB, where we know that Thistle's clients will be served well."
