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Jardine Lloyd Thompson Group PLC To Acquire Towers Watson and Co's Reinsurance Brokerage Business

Friday, 20 Sep 2013 02:00am EDT 

Jardine Lloyd Thompson Group PLC announced that it will acquire the reinsurance brokerage business of Towers Watson and Co for a cash consideration of USD250 million (GBP156 million). Upon completion, Towers Watson's reinsurance brokerage business will be merged with JLT's reinsurance business, JLT Re, to create a new force in the international reinsurance market, with combined revenues of USD266 million (GBP166 million) and 700 people in 35 locations in 17 countries. The combined business will be branded for a transitional period as JLT Towers Re. Upon formal completion of the transaction, Ross Howard, who is currently head of Towers Watson's reinsurance brokerage business, will become Executive Chairman of the merged operation. Alastair Speare-Cole, currently CEO of JLT Re, will become CEO of the enlarged business. Alan Griffin will step down as Chairman of JLT Re, but will retain a board and advisory role. The acquisition is subject to regulatory approvals and is expected to complete before the year end. The two businesses will be fully integrated over the course of 2014 and 2015. 

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0.49 +0.46%
24 Oct 2014