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I think so. This is a medium term investment play. JLT will creep up over the next 24 months, it's just a question of by how much.
Skimmed through the RNS today and can't see any really bad news which would cause a 6% drop. Is it just the uncertainty that some of the narrative brings?
Especially considering the consolidation of their Marine & Energy teams through LPL and speciality combining forces. Could be a great buy here but not really my gig.
At Lloyds JLT is making a huge play to increase its market share. They’re investing big money in market expertise and with Aon and Willis looking shaky at the moment I would speculate that there is a very good chance JLT will be the second largest broker in the London market within the next 2 years, they’re currently 4th. This just seems like a really sensible medium term buy right now
two big trades/swaps...........
Shore Capital reiterated its "buy" recommendation for Jardine Lloyd Thompson (JLT), encouraged by continued organic revenue growth in the insurance broker's third quarter. Shore also pointed to the group's growing presence in the emerging markets of Asia and Latin America and noted that these positive factors have been largely ignored by investors, due to the firm suffering from weaker than expected performances at its Re and Thistle divisions. The broker believes that the recent price weakness represents a good buying opportunity
Jardine Lloyd Thompson: Panmure Goron cuts target from 775p to 760p, hold rating kept.
Jardine Lloyd Thompson: Citigroup ups target from 800p to 810p, neutral rating kept.
Insurance and employee benefits group Jardine Lloyd Thompson Group (JLT) has acquired Alexander Forbes Consultants & Actuaries Limited (AFCA), which will be subsumed into JLT's employee benefits business.
JLT is paying £17m in cash for ACFA, which provides a comprehensive range of employee benefits and services to trustees and employers and is part of the Alexander Forbes Group, an international financial services organisation.
It employs over 300 people in the UK and has offices in Croydon, Edinburgh, London, Solihull, Manchester and Southampton. The business generated £27.8m of revenue in the year to March 31st 2012.
Tony Gusmao, CEO, AFCA, said, "We are focused on ensuring that our customers continue to benefit from high quality service and financial solutions. JLT Employee Benefits is a market leader in the provision of pension and wider employee benefits and we are working together to ensure that all of our existing customers will benefit seamlessly from our combined expertise."
Dominic Burke, Chief Executive, JLT Group said, "The acquisition fits squarely with our stated strategy of accretive acquisitions to deepen our capabilities in our specialist areas. It underlines JLT's commitment to its Employee Benefits business, which will represent some 25% of the Group's revenues following this transaction, consolidating our position as a leading full service employee benefits consultancy. On behalf of everyone at JLT, I welcome Tony Gusmao and his team."
Duncan Howorth, CEO, JLT UK Employee Benefits, said "This acquisition brings together two employee benefits businesses with highly complementary client offerings that share a similar culture and level of ambition. As a combined business we will have a stronger UK geographical footprint and AFCA will boost JLT's Health and Wellness, Risk, Annuity and Investment propositions. AFCA's employees will add to JLT's depth of expertise in several key disciplines and are a very welcome addition to the Group."
Mark Wood, Chairman, JLT UK Employee Benefits, said "We see increased opportunities for JLT's market leading online offerings and our combined clients will benefit from the enhanced auto-enrolment technology and consultancy solutions, stronger administration capabilities and broader range of Wealth Management services that we will now be able to offer to them. Together, these will help underpin the next phase of our growth in the UK."
AFCA provides a comprehensive range of employee benefits and services to trustees and employers and is part of the Alexander Forbes Group, an international financial services organisation. It employs over 300 people in the UK and has offices in Croydon, Edinburgh, London, Solihull, Manchester and Southampton. The business generated £27.8m of revenue in the year to 31 March 2012. The transaction is subject to customary regulatory approvals.
JLT acquires Alexander Forbes Consultants & Actuaries Limited
5th October 2012, London: Jardine Lloyd Thompson Group plc (JLT) is today pleased to announce the acquisition of Alexander Forbes Consultants & Actuaries Limited (AFCA) for a cash consideration of £17m, subject to regulatory approval.
AFCA will become part of JLT's Employee Benefits (EB) business, strengthening its leading market position and adding to its expertise and capabilities, particularly in the Health and Wellness, Risk, Annuity and Investment areas. This move further enhances JLT's ability to respond to the changing demands of the UK employee benefits market and to drive the sustained growth of its EB business.
The finance director of the insurance and employee benefits group Jardine Lloyd Thomson is to move on having helped the firm navigate fierce Eurozone headwinds.
Simon Mawson is stepping down from the role to be replaced at the end of the year by Mike Reynolds, currently Chief Finance Officer of insurance firm ACE European Group.
The company also announced James Twining, currently responsible for Group Strategy, is to join the board of JLT as Group Commercial Director.
Chairman Geoffrey Howe, said Reynolds' experience in senior finance roles in the insurance sector made him an excellent addition to the team.
"James Twining has made a powerful impact on our strategic planning since he joined the company in 2011 and he will be an invaluable member of the board," he added.
Howe praised Mawson, the outgoing FD, for "his contribution to JLT during a period of continued turbulence in the financial markets and the general economic environment".
At the end of July the company reported in the six months to the end of June underlying profit before tax had increased by 12% on the prior year to £89.4m.
Total revenues came in at £441.7m, an 8% increase on 2011 at constant rates of exchange.
Interim Management Statement
Jardine Lloyd Thompson Group plc ("JLT") is holding its Annual General Meeting at 12 noon today where the following comments will be made regarding current trading, financial performance and the outlook for the financial year. This statement covers the period from 1st January to 25th April 2012 in accordance with the requirements of the Disclosure and Transparency Rules of the UK Listing Authority.
The Group has made a positive start to the year and the overall trading performance is in line with expectations. Insurance markets continue to be competitive across most sectors although there has been some stabilisation of rates, as well as evidence of hardening in respect of certain catastrophe related risks.
In Risk & Insurance, encouraging levels of organic growth are being achieved, building on recent investments, with Latin America and Asia continuing to make a strong contribution, together with our growing reinsurance operation.
The Employee Benefits business continues to make progress particularly in the development of its international footprint.
The acquisitions of Alta SA in Chile and of FDB Insurance Brokers Ireland made in the second half of 2011 are performing well, in line with our expectations.
JLT's financial position remains strong.
There have been no material events or transactions during the period and there have been no significant changes in the financial position of the Company since the publication of the Annual Report for the year ended 31st December 2011.
The overall trading performance of the Group in the period is in line with expectations and notwithstanding the continuing uncertain global economic outlook JLT remains well placed to make financial progress in 2012.
Those market players who have been piling into shares in Jardine Lloyd Thompson in the hopes of some bid action will not thank them, but the board of long-term investor Jardine Matheson have put paid to any such speculation and probably done the board of JLT a favour, says the Tempus column in the Times. Jardine Matheson has tendered for enough shares to take its holding from 30 per cent to a little more than 40 per cent. The indications are that its offer, pitched at 765p, will be taken up by investors speaking for rather more than 10 per cent; the shares were up 3½p at 664½p last night. The shares have recovered from a low of 587p in August; the tender offer is clearly a strong vote of confidence in the JLT management by their biggest shareholder.
Jose Ignacio Lathrop, commented, "The combination of Orbital and JLT will create an even stronger force in the market, providing clients with enhanced access to international markets, experience and specialty skills built on the firm foundations both companies have for client service and innovation".
Dominic Burke. CEO, JLT, says "This acquisition is another step forward in JLT's strategy of building our international reach and relevance with a focus on our core specialisms. JLT performed well in our Latin American businesses in 2010 and we hope to build on that in 2011".
JLT acquires majority interest in Orbital Corredores de Seguros, the 4th largest insurance broker in Chile
10th October 2011, London: Further to the announcement made on 28th June 2011, JLT Group plc (JLT) today confirms that it has completed the acquisition of an initial 50.1% interest in the share capital of Alta SA with an option to acquire a further 25% in 2020. The consideration for the acquisition was CLP 7.9bn (£10m), payable in cash on completion. The consideration for the put and call option exercisable in 2020 will be based on the profitability of the business at that time.
Vyvienne Wade, CEO of JLT Latin America says ' I am delighted that Orbital and Alta Re are now part of the JLT group. Both are leading firms in Chile's well established market and they add significantly to our capabilities in the region. This transaction once again demonstrates JLT's commitment to developing markets".
Alta is the holding company of Orbital Corredores de Seguros, the 4th largest insurance broker in Chile, and Alta Re, a reinsurance broker which commenced operations in April 2010. It has been a member of the JLT International Network since 2010. Alta generated net revenue of CLP 4.1billion in 2010 (approximately £5.1m) and produced a profit before taxation of CLP 1.7billion (approximately £2.1m). Alta is led by Jose Ignacio Lathrop, CEO and Federico Tagle, Chairman; both will continue in their existing roles.
The UK's largest listed insurance broker, Jardine Lloyd Thompson's(JLT), published a solid set of results last Friday. The Questor team at The Telegraph, however, believes that the company’s strategy has reached its limit as a driver for the share price and is now fully reflected in the same. To date JLT has pursued a strategy which combines emerging market growth with small-scale takeovers, helping the company shrug off macroeconomic concerns and continue to grow. Thus, the business experienced strong growth in Asia and Latin America, although its smaller Continental Europe unit struggled. All of the above despite the fact that the company must compete for market share in Britain with the likes of larger American rivals such as Aon and Marsh. The company, which some have come to view as a potential takeover target itself, although most rumours have so far proved to be groundless, has itself said that it has no plans to make a "transformational" acquisition in the life insurance space. It has, nonetheless, undertaken smaller acquisitions in some of its other business lines.” Questor says Sell.
I work for this company and we're currently trouncing the opposition worldwide on just about every deal we tender for. Nothing to do with price as we're certainly not cheap; just exceptional service and client retention is second to none. This share will not retrace below £5.70 and should comfortably hit £7 by spring so dismiss at your peril!
This share seems to go up and up, but I haven't seen any news that explains it. I've got a small amount of them.
This solid Company has just widened it's scope in Norway....