Insurance company Jardine Lloyd Thompson (JLT) said the proposed combination of its Italian broking business with the business of Italian broker Marine & Aviation.
The transaction has given JLT a 25% interest in the newly formed joint venture, known as Marine & Aviation JLT.
The total consideration for the acquisition was JLT's existing Italian business together with €5.4m (c£4.5m), payable in cash on completion.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
As part of the transaction, JLT has also acquired a 25% interest in Marine Aviation & General. In total Marine & Aviation's operations generated net revenue of €9.5m in 2010 and produced a profit before taxation of €1m.
Pierluca Impronta, Marine & Aviation's Executive Chairman, said: "The deal will significantly strengthen the services and product offerings of both organisations, combining industry specialist skills to the benefit of existing and prospective clients and builds on the long-standing and excellent relationship between the two companies."
Marine & Aviation is one of Italy's longest established insurance brokers and has been a Lloyd's of London broker since 1993.
JLT's share price rose 0.58% to 693.5p by 14:39.
NR
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
