Jardine Lloyd Thompson Group bought HSBC Actuaries and Consultants for £27.25 million ($45 million) in a cash deal that closed today, spokesmen for both companies confirmed.
The combined business will provide investment consulting, actuarial and other employee benefits services; its client roster covers 20% of the 250 largest U.K. corporations, including Apple, General Dynamics, Land Rover and Staples, according to a JLT news release.
Insurance broker JLT's employee benefits business reported an operating profit of £14.9 million in the year ended Dec. 31 on revenue of £87.6 million, while the former HSBC subsidiary reported operating profit of £2.8 million on revenue of £40.1 million in 2008, according to the release.
