JARDINE LLOYD THOMPSON BUYS HSBC ACTUARIES & CONSULTANTS

UK-based broking firm Jardine Lloyd Thompson (JLT) has bought HSBC Actuaries & Consultants Ltd (HACL), a UK-based employee benefits and actuarial consulting firm. JLT paid £27.25m in cash ($45m) for the unit, which is being purchased from HSBC Insurance Brokers Holdings Ltd. HACL had reported revenue of £40.1m, generating an operating profit of £2.8m. It employs 440 staff across six practice areas. JLT's existing Employee Benefits business employs about 1,000 staff, generating revenue of £87.6m and an operating profit of £14.9m last year. HSBC Insurance Brokers has itself been subject to a bid rumour, with broking group MMC said to be considering a $230m to $330m bid for the HSBC division, now thought to be seen as non-core.