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LONDONJardine Lloyd Thompson Group P.L.C. has announced further restructuring that includes the formation of a new unit through the merger of its risk solutions business with its Lloyd's of London broker, Agnew Higgins Pickering.
The London-based broker placed its reinsurance broking business into a separate company, JLT Reinsurance Brokers Ltd., in January. Earlier this month, JLT completed the sale of its property and casualty insurance and employee benefits brokerage businesses in the United States to Alliant Insurance Services Inc.
In its latest move, JLT is to merge JLT Risk Solutions, which provides insurance broking services to large corporate clients, with its separately branded Lloyd's energy broking subsidiary, Agnew Higgins Pickering, to form Jardine Lloyd Thompson Ltd.
In the first half of 2006, JLT Risk Solutions reported revenues of £61.2 million ($112.7 million), while AHP posted revenues of £9.6 million ($17.7 million).
The restructuring is part of an operational review instigated earlier this year by Dominic Burke, chief executive of the JLT Group.
As part of the deal, Andrew Agnew will become chairman of Jardine Lloyd Thompson Ltd., Mark Drummond Brady will become deputy chairman and Martin Hiller will become chief executive.
In a statement, JLT said that the specialty marine and energy reinsurance operations of AHP will transfer to JLT Re, under the existing leadership of Alan Griffin.
The company also said that Lloyd & Partners, JLT's wholesale broker, will continue to provide access to the London, Bermudian and European insurance markets for independent retail brokers. Lloyd & Partners will become responsible for JLT's insurance broking company in Bermuda.
The restructuring is subject to the Financial Services Authority's approval. JLT said in a statement that it expects to operate under this new corporate and management structure from January 1, 2007.
Mr. Burke said: "The recent sale of our U.S. retail business has enabled us to reconsider the structure of our London specialty and wholesale businesses. By focusing these London market operations on two companies with distinct and clearly defined specialist strengths, we will be able to retain and build on our very strong position in the London and international markets."