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.
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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
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