JLT Insurance Brokers announced on Friday that it had acquired Ireland’s second largest insurance broker, FDB, for around 8.5 million euros (GBP7.9 million).
As part of the transaction, JLT also acquired FDB Risk Management Services and International Loss Control Services from the Irish broker.
JLT will pay EUR6.75 up front, 500,000 on completion of the deal, and a deferred payment of up to 1.25 million euros in 2013 based on the financial performance after the deal.
Eamonn Bergin, Managing Director of FBD Brokers said, “Bringing together the experience and established reputation of FBD Brokers with the national and international presence of JLT Ireland and its parent, will provide strong foundations for the continued growth and successful development of the combined business”.
FBD Brokers is an insurance broker specialising in the Irish agri-food sector with strong positions in waste management and the renewable energy sectors. Their Risk Management Service provides a cost effective way of managing risk, and the International Loss Control Services is a liability and motor claims management and administration company.
They are second only to Aviva in the Irish general insurance market, and expect to report a full year operating earnings per share of 155-165 euro cents for 2011, compared to 106 euro cents in 2012.
