Jardine Lloyd Thompson (JLT) is to spend €16.8m combining its Spanish retail brokerage with local insurance broker March - Unipsa.
In Britain JLT is known as an insurance broker and employee benefits consultancy.
It says it will own a 25% stake in the new entity which will be called March-JLT.
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Unipsa's core business is corporate-focused, with specialities including construction, tourism and marine & cargo.
The business employs around 100 people with offices in Madrid, Mallorca and Barcelona. In 2010 Unipsa had revenues of €16.7m, its parent company is Banca March.
The €16.8m spend comprises cash and JLT's existing Spanish business.
Commenting on the transaction, which is still awaiting Spanish regulatory approval, JLT executive Mark Drummond Brady said. "This is an exciting development for JLT and is aligned with our European network strategy of holding associate stakes in leading independent businesses."
Jardine Lloyd Thompson had gained 0.7% by 09.49. Over the last 12 months the stock has risen 6%.
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