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Insurance group Jardine Lloyd Thompson (JLT) has added Harman Wicks & Swayne (HWS) to its operations. The acquisition includes HWS’ two Lloyd’s broker subsidiaries: Harman Wicks & Swayne, its London-based reinsurance broker, and Harman Wicks & Swayne International, which provides insurance products to SMEs.

HWS was sold by its management and employee shareholders in a deal that could be worth almost £9 million in cash depending on performance. On completion £5 million was paid with up to £3.75 million deferred.

The acquired company’s reinsurance operations will be merged with JLT’s Non-Marine Treaty business, and will trade as part of JLT Re, its reinsurance broking services and risk management arm. The wholesale business will be integrated into JLT’s insurance broking business.

JLT Re chairman and chief executive Alan Griffin says the acquisition of HWS complements the group’s marine, energy and aviation interests.

HWS’ founders Chris Harman and Ian Wicks have joined JLT Re’s Reinsurance Executive Group along with Bradley Maltese. Harman becomes deputy chairman, while Maltese heads up the Non-Marine Treaty team in London.

Harman says joining a larger group increases its international reach and gives them access to greater resources. He adds: 'The combined business will create a significant force in the reinsurance market.'

JLT also provides employee benefits administration services and related consultancy advice. It operates from more than 100 offices in some 35 countries and employs more than 5,000 people.

In 2007, HWS reinsurance revenues were some £4.8 million with its UK broking income standing at £1.2 million.

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