JLT USA expects $50 million in 2015 revenue
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JLT USA, a unit of London-based insurance and reinsurance brokerage Jardine Lloyd Thompson Group P.L.C., is expected to post $50 million in revenue and a net trading loss of $35 million for 2015, the company said Friday.
JLT also has seen “continued good progress” with its U.S. specialty business that launched late last summer, the company said in its interim management statement that was released following JLT's annual general meeting.
The company merged its specialty unit with its wholesale brokerage unit, Lloyd & Partners, last August and announced at the time that it planned to significantly grow its U.S. business for that segment.
For JLT overall, and “despite a challenging insurance rating environment, we remain confident in JLT's revenue growth momentum and in our strategy of continuing to invest to deliver sustainable long-term earnings growth,” the company said in its statement.
JLT also said it expects to receive net proceeds of £78 million ($118.5 million) after selling its 26.2% stake in Milestone, the holding company of Paris-based brokerage Siaci St. Honoré, to Paris-based private investment company Ardian, previously known as Axa Private Equity. The deal is expected to close this month.
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