Jardine Lloyd Thompson gobbles up Irish food insurance firm

The FTSE 250 insurance company Jardine Lloyd Thompson (JLT) has bought the Irish firm FBD Insurance Brokers

The deal is worth an initial €6.75m, with possible additional payments of up to €1.75m.

JLT says the transaction is "in line with our strategy of building our international reach and focus on specialist areas."

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FBD Brokers employs 33 staff, is headquartered in Dublin and specialises in the Irish agri-food sector.

The idea is to "integrate" FBD with JLT's current Irish operations.

Pat Howett, the Chief Executive of Jardine Lloyd Thompson Ireland said of the deal: "FBD Brokers will add significantly to our increasingly important Irish business activities and our growing global specialty: Food and Agri business."

JLT Ireland is the fifth largest insurance brokerage in Ireland and has offices in Dublin and Cork employing 100 staff.

Shares in the parent group have dropped 0.7% today. Over 2011 JLT is up 11%. Over the last five years, the group's stock has increased by 64%.

BS