JLT eyes targets in the Middle East

INSURANCE broker Jardine Lloyd Thompson (JLT) is looking at potential acquisitions to grow its business in developing markets, one of its top executives said yesterday.

“We are actively looking to build our geographical reach,” Mark Drummond Brady told City A.M., highlighting the Middle East, Indian subcontinent and sub-Saharan Africa as growth areas. “We have a pipeline of potential acquisition targets but look at far more than we ever consummate.”

He also said that JLT is supporting the efforts of part-owner Jardine Matheson to expand in south east Asia. Reports over the weekend suggested insurance firm Aviva is looking at a tie-up with an Indonesian subsidiary of Jardine. “We stand to benefit as part of the wider group”, he said.

Yesterday the broker announced half-year profits of £85.1m, up from £81.2m for the same period last year.