JLT combines Spanish operations with March-Unipsa

London-based Jardine Lloyd Thompson Group P.L.C. announced Wednesday that it will combine its existing Spanish retail broking business JLT-SIACI Espana S.L. with the business of March-Unipsa Correduria de Seguros, S.A.U., the fourth largest commercial insurance broker in Spain and a subsidiary of Banca March, to form March-JLT.

JLT said that after the transaction is completed, it will have a 25% interest in the combined business, which will become a JLT Network partner. The total consideration for the acquisition is €16.8 million, comprising of cash and JLT's existing Spanish business.

The transaction must receive Spanish regulatory approval.

According to JLT, Unipsa's core business has a corporate focus, with specialty capabilities including construction, tourism and marine and cargo. It employs about 100 people.

Banca March, Unipsa's parent company, had 2010 revenues of €16.7m.