October 14, 2016Jardine 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.”