LONDON (Reuters) – British insurance broker Jardine Lloyd Thompson has launched an overhaul of its business aimed at taking out 12 million pounds ($18.1 million) of costs by 2014, it said on Tuesday.

JLT, which negotiates insurance cover on behalf of corporate clients worldwide, will absorb 18 million pounds of one-off expenses from the reorganisation, including 12 million this year, it said.

The broker also said its 2012 pretax profit rose 17 percent to 156.8 million pounds as strong growth from its Latin American and Asian divisions offset a previously-flagged drop in earnings at is reinsurance broking unit.

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