JLT organic growth continues despite ‘mixed’ pricing environment

JLT said it achieved organic growth “similar to the rates achieved in the first half of the year” in the period from 1July to 4 November 2013.

The broking group reported 7% organic growth at the half of the year. It did not provide specific figures for the most recent trading period.

JLT said in its interim management statement that its core broking business continued to grow thanks to the company’s investment in specialty capabilities and expanding geographic reach.

The company added that the insurance pricing environment was “mixed”. There is continued softening in most international classes but some rate increases in certain US business classes, it said.

Overall, JLT said its performance over the past four months was “in line with company expectations”.

Chief executive Dominic Burke said: “Our committed strategy of deepening our specialty focus and expanding our geographical reach gives us confidence that we will deliver year-on-year financial progress.”

Acquisitive period

The announcement follows a string of acquisitions for JLT. It announced on 20 September that it was buying the reinsurance broking arm of consulting firm Towers Watson for $250m (£156m). It expects to close the deal on or around 6 November and start integrating its purchase immediately afterwards.

On 4 November the broking group announced it had bought a “significant” stake in Dubai-based broker Direct. On the same day it announced the acquisition of Dutch marine broker Independent Risk Solutions.