Jardine Lloyd Thomson says financials meeting expectations despite challenges
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Jardine Lloyd Thompson Group P.L.C. on Tuesday said its financial performance remains in line with expectations even though conditions are challenging for insurance and reinsurance brokerages.
In its interim management statement for the period of July 1 to Nov. 3, 2014, JLT said it had seen good levels of organic revenue growth despite “the continuing marked decline in the insurance and reinsurance rating environment experienced since the beginning of the second quarter of this year.”
The London-based brokerage said the August launch of its U.S. specialty operation had been well received by the market and that the unit now has a staff of about 50, which is ahead of the company's plans.
JLT said the quality of inquiries it had received from potential employees had led it to step up recruitment activities for the U.S. specialty business and that some of the investment slated for next year had been made this year.
About $10 million of investment in recruitment for that unit will be made in 2014, JLT said, and about £50 million ($80 million) between 2014 and 2017.
The unit is expected to generate a profit by 2018, it noted.
Dominic Burke, CEO of JLT, said he is encouraged by the success of the company's recruitment efforts and added that trading conditions for most areas of insurance and reinsurance remain “challenging.”
“As indicated at the time of our interim results, we remain cautious about the outlook for the underlying business for the full year,” he said in the statement.
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