International brokerage Jardine Lloyd Thompson (JLT
) has agreed to sell the majority of its Thistle UK business to acquisitive broker PIB Group Limited.
The Thistle UK activities to be divested include its online, affinity scheme and small-to-medium enterprises businesses and its managing general agent underwriting arm.
Thistle’s London market risks, education and housing businesses have been merged into JLT
Specialty, the brokerage giant said.
“This is an excellent move for both Thistle UK and JLT
, sharpening our focus on delivering innovative solutions for clients in our respective segments of the market,” said JLT
Specialty chairman Adrian Girling.
The transaction is anticipated to be completed before the end of 2016. However, it is not expected to have a material impact on JLT
’s financial results.
According to JLT
, the divested Thistle UK businesses recorded £23 million in revenues last year.
Thistle UK is PIB Group’s sixth acquisition in less than a year which follows the purchase of general insurance broker Carmichael & Partners earlier this month.
“We are delighted to announce this important and exciting step for Thistle UK and PIB,” said group CEO Brendan McManus.
“Thistle UK will play a significant part in the further growth of PIB, adding depth and new capabilities that will broaden the high levels of service and expertise we provide for clients,” he added.
PIB snaps up Carmichael & Partners
PIB acquires broker QPI Legal