JLT Corporate Risks, a subsidiary of insurance broker Jardine Lloyd Thompson Group, has reached an agreement with Pavilion Insurance Network, to acquire the niche insurance specialist for GBP6.62 million.
<p>Under the terms of the offer, Pavilion shareholders will be entitled to receive GBP0.12 per Pavilion share in cash, which values Pavilion at approximately GBP6.62 million. A loan note alternative will also be made available. <br /><br />Jardine Lloyd Thompson Group (JLT) commented that the Pavilion directors considered the terms of the offer to be fair and reasonable. <br /><br />Commenting on the offer, Dominic Burke, CEO of JLT Group plc, said: The Pavilion Group provides us with the opportunity to add a new arm to our UK retail insurance business. Pavilion is a well run business with strong on-line distribution expertise. The acquisition will provide the JLT Group with access to on-line distribution and additional expertise in meeting the insurance needs of affinity groups.</p>