JLT Partners with Banca March To Form March-JLT

NU Online News Service, Feb. 15, 3:23 p.m. EST

London-based insurance broker Jardine Lloyd Thompson Group plc says 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. (Unipsa).

Unipsa Correduria is a major commercial insurance broker in Spain and a subsidiary of Banca March. The merger will form March-JLT.

Following the transaction, JLT will have a 25 percent interest in the combined business which will become a JLT Network Partner. The total consideration for the transaction is €17 million ($22 million), comprising of cash and JLT's existing Spanish business.

The transaction remains subject to Spanish regulatory approval.

Unipsa's core business is corporate-focused, with specialty capabilities including construction, tourism and marine and cargo. The business employs around 100 people with offices in Madrid, Mallorca and Barcelona, Spain, and representation in five other locations.

Banca March, Unipsa's parent company, is Spain's leading privately-owned financial institution, says JLT. In 2010 Unipsa had revenues of some $22 million.

Carlos Navarro, chief executive officer of Unipsa says in a statement, “Together we can build a stronger platform in the Spanish market that will be able to more effectively service domestic, European and International clients. The deal will significantly strengthen the services and product offerings of the new operation, developing industry specialist skills for the benefit of existing and prospective clients.”

Mark Drummond Brady, international chairman of JLT's Risk & Insurance division, says, “This is an exciting development for JLT and is aligned with our European network strategy of holding associate stakes in leading independent businesses with strong local reputations. March-JLT will be in an ideal position to better exploit cross-border opportunities in Europe and Latin America, with the JLT Network creating an important link to the international and London markets.”