JLT and PIB agree sale of majority of Thistle UK
14 November 2016
Jardine Lloyd Thompson Group plc (‘JLT’) today announces that it has reached an agreement to sell, subject to UK regulatory approval, the majority of its Thistle UK business to PIB Group Limited.
The Thistle UK activities to be divested include its online, affinity scheme and small-to-medium enterprises businesses and its managing general agent underwriting arm. Thistle’s London Market Risks, Education and Housing businesses have been merged into JLT Specialty.
For the year ended 31 December 2015, revenues for the divested Thistle UK businesses were approximately £23m. The transaction is anticipated to complete prior to the end of 2016 and is not expected to have a material impact on the Group’s results.
Adrian Girling, Chairman, JLT Specialty, said: “This is an excellent move for both Thistle UK and JLT, sharpening our focus on delivering innovative solutions for clients in our respective segments of the market. JLT’s strategy remains on deepening our activities around our specialist areas of expertise, delivering solutions to clients with the most complex needs – a strategy that differentiates us from our competitors. We would like to take the opportunity to thank our colleagues at Thistle UK for their hard work and commitment, and wish them every continued success with PIB, where we know that Thistle’s clients will be served well.”
Brendan McManus, CEO of PIB Group, said: “We are delighted to announce this important and exciting step for Thistle UK and PIB. Thistle UK will play a significant part in the further growth of PIB, adding depth and new capabilities that will broaden the high levels of service and expertise we provide for clients. I would like to welcome all Thistle UK colleagues to PIB and look forward to this next chapter in our development.”
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Group Head of Communications, JLT Group
+44 (0)20 7558 3127
WeberShandwick (PIB Group)
+44 (0)20 7067 0732
NOTES TO EDITORS:
About Jardine Lloyd Thompson
Jardine Lloyd Thompson is one of the world’s leading providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services. JLT’s client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.
JLT is quoted on the London Stock Exchange and owns offices in 40 territories with more than 10,600 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.
For further information about JLT, please visit our website www.jlt.com
About PIB Group Limited
PIB Group Limited is a new and dynamic insurance group created to fill a gap in the market for a new independent, client centric and service focused intermediary. Launched in 2014, the group has grown rapidly through acquisitions and by employing outstanding individuals with a wealth of knowledge and experience in the insurance market. PIB Group Limited comprises the business of PIB Insurance, Cooke & Mason, Fish Insurance Channel Insurance Brokers, QPI Legal and Carmichael and Partners. The group offers a range of specialist teams, products and services to clients throughout the UK and Channel Islands. Our focus is on insurance market expertise, specialist client sector focus, strong personal relationships and client service excellence. We operate from a growing network of offices currently in London, the Midlands, Scotland, East Anglia and the South West, as well as Guernsey. In 2016, global alternative asset manager The Carlyle Group (“Carlyle”; NASDAQ: CG) acquired a significant equity stake in PIB insurance Ltd allowing PIB to accelerate growth through targeted acquisitions and a recruitment drive across the UK.
Head of Group Comms