London-based insurance broker Jardine Lloyd Thompson Group (JLT) has completed the acquisition of an initial 50.1% interest in Chile-based Alta for GBP10m, payable in cash on completion.
JLT said that it would acquire 50.1% of the share capital of Alta with an option to acquire another 25% in 2020.
Alta is the holding company of Orbital Corredores de Seguros, and Alta Re, a reinsurance broker which commenced operations in April 2010. It generated net revenue of GBP5.1m and produced a profit before taxation of GBP2.1m.
Following the aquisition, Alta is led by Jose Ignacio Lathrop, CEO and Federico Tagle, chairman; both will continue in their existing roles.
JLT CEO Dominic Burke said this acquisition is another step forward in JLT’s strategy of building the international reach and relevance with a focus on core specialisms.