JLT Insurance Brokers (Ireland), a wholly owned subsidiary of Jardine Lloyd Thompson Group, has acquired FBD Insurance Brokers, an insurance broker based in Ireland from FBD Holdings. As part of this transaction, JLT has also acquired FBD Risk Management Services(FRMS) and International Loss Control Services (ILCS). It is intended that the businesses of FBD Brokers will be integrated with the existing business of JLT Ireland.
FBD Brokers was established in 1973 by FBD Holdings to manage the commercial insurance needs of large commercial and corporate clients. FBD Brokers employs 33 staff, is headquartered in Dublin and is an insurance broker specialising in the Irish agri-food sector with strong positions in waste management and the renewable energy sectors. FRMS provides cost effective risk management services and ILCS is a Liability and Motor Claims Management and Administration company.
In line with JLT’s strategy to build its international reach and focus on specialist areas, this transaction strengthens the services available to existing and prospective clients in Ireland.
The total consideration comprises an initial payment of E6.75m, an additional payment of E500,000 adjustable on working capital and a deferred payment up to but not exceeding E1.25m, payable based on the financial performance of FBD Brokers in the year following completion.
Eamonn Bergin, managing director of FBD Brokers comments “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 organisations. 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 brokerage in Ireland and has offices in Dublin and Cork employing 100 staff.
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