Jardine Lloyd Thompson Group P.L.C. has completed its acquisition of a 50.1% stake in Santiago, Chile-based Alta S.A. for £10 million ($15.4 million).
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.
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".