NO EVIDENCE OF HARD MARKET - JLT

UK broker Jardine Lloyd Thompson (JLT) told shareholders gathered for its annual general meeting that its performance during the first quarter of 2009 is in line with expectations and ahead of the same period in 2008. JLT said some insurance lines – aviation, financial lines and catastrophe-affected class – have recorded increases in rates during Q1 2009 but that “there is no significant consistent evidence of hardening insurance premium rates”. It added that the p/c market for corporate risks “remain[s] generally soft around the world”. Shareholders were also told that low levels of interest rates have reduced the group’s investment income but that the group was positive about the outlook for 2009. Dominic Burke, CEO of JLT, said: “During the first quarter the Group has seen good rates of business renewal and new business wins. The pipeline of prospects is encouraging. While we remain cautious due to the economic conditions facing the Group internationally, on the basis of our first quarter’s trading performance we remain on track to achieve our financial objectives for 2009.”