JLT acquires Harman Wicks & Swayne businesses
by Gill Montia
Story link: JLT acquires Harman Wicks & Swayne businesses
Jardine Lloyd Thompson (JLT), the insurance and reinsurance broker, has acquired HWS Holdings, a private owned broking firm based in London.
The purchase includes HWS’ Lloyd’s Broker subsidiaries, Harman Wicks & Swayne Limited (a London based reinsurance broker) and Harman Wicks & Swayne International Limited (a wholesale provider of insurance products for small and medium sized enterprises).
Following completion of the transaction, HWS’ wholesale business will be integrated within JLT’s UK insurance broking division. Its reinsurance broking business will merge with JLT’s Non-Marine Treaty unit.
HWS founders, Chris Harman and Ian Wicks, will join JLT Re as members of the Reinsurance Executive Group.
HWS is wholly owned by its management and employees who will receive an initial payment of £5.0 million and deferred remuneration of up £3.75 million, dependent on future performance.
Last year, HWS recorded reinsurance revenue of around £4.8 million; UK broking revenue amounted to £1.2 million.