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LONDONLondon-based broker Jardine Lloyd Thompson Group P.L.C. has acquired Bermuda-based broker Park (Bermuda) Ltd.
JLT will pay up to $11.8 million for the Hamilton, Bermuda-based wholesale insurance and reinsurance broker. JLT will make an initial payment of $8.85 million and the balance will be dependent on future performance, JLT said in a statement.
The combined business, to be known as JLT Park, will have about 40 staff and place about $400 million of premium in the Bermuda market each year, the company said.
Paul Scope, chairman and chief executive officer of the Park Group Ltd., and Mark Simons, managing director of Park (Bermuda) Ltd., will joint the board and executive management team of JLT Park. John English, the current chairman and CEO of JLT Risk Solutions (Bermuda) Ltd. will continue in that role at the new operation, while Mr. Scope will become president.