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Jardine Lloyd Thompson Group P.L.C. on Tuesday said its insurance and reinsurance broking arms made a good start to the year, and that the build-out of its U.S. specialty business “continued to gain strength” from Jan.1 through April 25.
This was despite continued downward rating pressure on insurance and reinsurance business, lackluster economic growth and weak energy and commodity prices, London-based JLT said in its interim management statement to shareholders.
JLT said it expected exceptional costs of £34 million ($49.0 million) for 2016, including £22 million ($31.7 million) litigation provision to settle an alleged poaching suit announced April 8, and £12 million ($17.3 million) restructuring costs in its U.K. employee benefits business.
JLT said that its international employee benefits business is seeing good growth overall, “while the program to improve U.K. employee benefits' profitability in 2016 made significant progress.”
The brokerage said that the restructuring of its U.K. employee benefits operations, which have been affected in a slowdown in pension business amid government reforms, among other factors, would result in savings of about £14 million ($20.2 million) in 2017.
JLT announced Tuesday that James Twining, group commercial director, would leave the company on April 26.
The role of group commercial director will not be replaced, the brokerage said.
It also said that Richard Harvey, a nonexecutive director, would retire at the end of 2016 and be replaced by Bruce Carnegie-Brown, who formerly was head of Marsh L.L.C.'s Europe, Middle East and Africa region, and chairman of Aon U.K. Ltd., among other things.
Michael Rice, CEO of JLT's U.S. specialty business, JLT Specialty Insurance Services Inc., will join the group executive committee on May 1, it said.
William Nabarro, special adviser to the group CEO, also will join JLT's executive committee on May 1.
In its latest U.S. expansion efforts, London-based brokerage Jardine Lloyd Thompson Group P.L.C. has focused on specialty business and has aggressively recruited from its competitors.