JLT Insurance Brokers (Ireland) Ltd, a wholly owned subsidiary of the Jardine Lloyd Thompson Group plc, has acquired FBD Insurance Brokers Ltd, which is based in Ireland, from FBD Holdings plc.
The bulletin also noted that as “part of this transaction JLT has also acquired FBD Risk Management Services Ltd (FRMS) and International Loss Control Services Ltd (ILCS) (together with FBD Insurance Brokers Ltd).”
JLT plans to integrate the newly acquired businesses of FBD Brokers with its existing business in Ireland.
FBD Brokers was established in 1973 by FBD Holdings plc to manage the commercial insurance needs of large commercial and corporate clients. It employs 33 staff, and is headquartered in Dublin.
The broker specializes in “the Irish agri-food sector with strong positions in waste management and the renewable energy sectors,” said the bulletin. “FRMS provides cost effective risk management services and ILCS is a Liability and Motor Claims Management and Administration Company.”
JLT said the acquisition is in line with its “strategy to build its international reach and focus on specialist areas, this transaction strengthens the services available to existing and prospective clients in Ireland.
“FBD Brokers’ management and employees are highly regarded within the Irish Insurance sector, having extensive experience in delivering insurance broking, claims-handling and risk management consulting services. The team, led by Eamonn Bergin, Managing Director of FBD Brokers will significantly augment the strength and depth of JLT Ireland and are welcomed as members of the JLT team.”
JLT also explained that the “total consideration comprises an initial payment of €6.75 million [$8.74 million], an additional payment of €500,000 [$647,000] adjustable on working capital and a deferred payment up to but not exceeding €1.25 million [$1.62 million], payable based on the financial performance of FBD Brokers in the year following Completion.”
Bergin commented: “Bringing together the experience and established reputation of FBD Brokers with the national and international presence of JLT Ireland and its parent will provide strong foundations for the continued growth and successful development of the combined business.”
Pat Howett, CEO of JLT Ireland added: “We are pleased to welcome FBD Brokers into the JLT Group. The deal is highly beneficial to the clients and employees of both organizations. FBD Brokers will add significantly to our increasingly important Irish business activities and our growing global specialty Food and Agri business.”
JLT Ireland is the fifth largest insurance broker in Ireland and has offices in Dublin and Cork employing 100 staff.
Source: Jardine Lloyd Thompson Group