Interim report leads to plunge in shares at JLT

 
Caitlin Morrison
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INSURANCE broking group Jardine Lloyd Thompson (JLT) saw share prices fall by almost six per cent yesterday after releasing its results for the period from 1 July to 3 November.

The broker said that trading since the first half of 2014 was broadly in line with its expectations, and claimed this was “despite the continuing marked decline in the insurance and reinsurance rating environment”.

JLT announced in August that it was launching a US speciality business, and the company said in its interim statement that the reaction to this news from the insurance industry had been “very encouraging”.

The firm added that the new US division had already grown to more than 50 colleagues in just over two months, which was “well ahead” of the group’s plans.

Dominic Burke, JLT chief executive, commented: “Trading conditions remain challenging, given the decline in the insurance and reinsurance rating environment, which continued into the third quarter. As we indicated at the time of our interim results, we remain cautious about the outlook for the underlying business for the full year.”