Jardine Lloyd Thompson is trading in line with expectations

Insurance broker Jardine Lloyd Thompson has reported that its trading has been in line with expectations for the period between 1 July and 7 November.

The firm saw "encouraging" organic growth in the third quarter in its Risk & Insurance division, but said that the insurance rating environment remains weak across most sectors with the international markets continuing to be particularly competitive.

However, the company was keen to emphasise that following the recent run of losses, the London Market and more specifically the Lloyd's Market, appears to be less receptive to further rate reductions.

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The group's Employee Benefits business sector continues to make good financial progress and has delivered organic growth in line with expectations, despite a trading environment in which clients are reducing discretionary spending, coupled with the general impact of rising unemployment.

In a statement the firm said: "Our financial position continues to be robust with a strong balance sheet and extensive committed borrowing facilities with considerable available headroom.

"We continue to make good progress. While there is some caution about the wider economic environment, we remain confident about the future prospects for the group."

The share price fell 1.42% to 727p by 15:53.

NR