JLT BUYS IRISH BROKER FBD

JLT Insurance Brokers (Ireland), part of the Jardine Lloyd Thompson Group, has bought Ireland-based broker FBD for €6.75m ($8.73m) in cash, plus €500,000 adjustable on working capital, and a deferred payment of up to €1.25m, dependent upon the performance of FBD in the year following completion. FBD, FBD Risk Management Services and International Loss Control Services (ILCS) will be integrated into JLT Ireland. FBD employs 33 staff and is based in Dublin. JLT Ireland has offices in Dublin and Cork and employs 100 staff. It is the fifth-largest insurance broker in Ireland. FBD specializes in the Irish agri-food sector, including waste management and renewable energy. ILCS is a liability and motor claims management business. JLT said that the FBD team, led by managing director Eamonn Bergin, would "significantly augment the strength and depth of JLT Ireland". In full-year 2010 FBD generated a pre-tax gain of about €1.2m.