Jardine Lloyd Thompson buys aviation insurance broker Hayward for $42M
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Jardine Lloyd Thompson Group P.L.C. said Monday that it has acquired aviation insurance brokerage Hayward Aviation Ltd. from Towergate Insurance Ltd. for £27 million ($42.1 million).
JLT said it would finance the deal through cash and debt.
For 2013, Hayward Aviation generated revenue of £10 million ($15.6 million) and a pretax profit of £3 million ($4.7 million), JLT said in a statement.
London-based Hayward Aviation is an international specialist aviation insurance brokerage that places insurance for regional airlines, small commercial fleets of fixed-wing aircraft and helicopters, along with individual jets, light aircraft and helicopters owned by private clients.
Once the deal, which is subject to regulatory approval, is completed, the Hayward Aviation brand will be retained, JLT said.
“Hayward is a strong international business with well-established specialties across the aviation sector,” Alastair Lyons, interim executive chairman of London-based Towergate, said in a statement. “This, however, does not align with our core strategic focus on small-to-medium-sized enterprises and personal lines and the U.K. market.”
“This acquisition provides a unique opportunity to bring together one of the best general aviation brokers in the world with JLT’s market-leading aerospace capabilities and international network to create a strong platform for growth in one of our core areas of specialization,” Dominic Burke, group CEO of JLT, said in the statement.
JLT is the world’s fifth-largest insurance brokerage, according to Business Insurance’s latest ranking.
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