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PARISJardine Lloyd Thompson Group P.L.C. said that its 32%-owned French associate company SIACI will join up with Paris-based broker Assurances et Conseils Saint Honoré.
The combined entities will continue to trade as separate operating subsidiaries of a newly created holding company, Newstone Courtage, London-based JLT said in a statement.
In a statement, ACSH said the combined companies would form France's fifth-largest insurance broker.
Under the terms of the deal, JLT will take a 20% stake in Newstone, and receive €21.4 million ($27.83 million), the broker said.
In addition, JLT said it would become a 70% shareholder in SIACI's business in Italy and Poland, and a 62% shareholder in SIACI's business in Spain.