Jardine Lloyd Thompson Group plc or JLT said it would combine its existing Spanish retail broking business JLT-SIACI Espana S.L. with the business of March - Unipsa Correduria de Seguros, S.A.U. or Unipsa, the fourth largest commercial insurance broker in Spain and a subsidiary of Banca March, to form March-JLT.
As part of the transaction, JLT would have a 25% interest in the combined business which would become a JLT Network Partner. The total consideration for the purchase is 16.8 million euros or about 14.0 million pounds, comprising of cash and JLT's existing Spanish business.
Unipsa's core business is corporate-focused, with specialty capabilities including Construction, Tourism and Marine & Cargo. In 2010, Unipsa had revenues of around 16.7 million euros.
by RTT Staff Writer
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