UPDATE 4-Marsh & McLennan to pay $5.7 bln for British insurance broker JLT [Reuters (UK)]
Marsh & McLennan Companies, Inc. (MMC)
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Source: Reuters
Marsh & McLennan to buy UK broker JLT for $5.7 billion | Reuters 3 Min Read (Reuters) - Marsh & McLennan Companies Inc ( MMC.N ) has agreed to buy Jardine Lloyd Thompson ( JLT.L ) for about 4.3 billion pounds ($5.7 billion) as the U.S. financial services group looks to boost its speciality risk broking and global reinsurance business. Shares of the UK insurance and reinsurance broker rose 32.3 percent to 1,894 pence, just below MMC’s all-cash offer of 1,915 pence, which was set at a premium of about 33.7 percent to JLT stock’s closing price on Monday. The deal consideration implies an enterprise value of about 4.9 billion pounds for JLT. The deal comes as insurers have been looking to consolidate in a competitive market that has seen tougher regulations and softer pricing. France’s AXA ( AXAF.PA ) moved to buy Bermuda-based XL Group for $15.3 billion in March, just over a month after American International Group ( AIG.N ) said it would buy reinsurer Validus for around $5.6 bil
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News
- Marsh McLennan’s Mercer Announces Successful Fundraising for Private Investment Partners (PIP) VII, Closing With Nearly $4 Billion in CommitmentsBusiness Wire
- Marsh McLennan Agency to acquire Fisher Brown Bottrell Insurance, Inc.Business Wire
- Marsh & McLennan Companies, Inc. (NYSE: MMC) had its price target raised by analysts at TD Cowen from $189.00 to $201.00. They now have a "hold" rating on the stock.MarketBeat
- Marsh & McLennan Companies, Inc. (NYSE: MMC) had its price target raised by analysts at UBS Group AG from $236.00 to $238.00. They now have a "buy" rating on the stock.MarketBeat
- Marsh & McLennan Companies, Inc. (NYSE: MMC) had its price target raised by analysts at Royal Bank of Canada from $208.00 to $210.00. They now have a "sector perform" rating on the stock.MarketBeat
MMC
Earnings
- 4/18/24 - Beat
MMC
Sec Filings
- 4/18/24 - Form 10-Q
- 4/18/24 - Form 8-K
- 4/3/24 - Form 4
- MMC's page on the SEC website