JLT hands over non-advisory arm to Thistle

The non-advisory part of the business, which distributes cover principally underwritten by a single provider for smaller standard risks, brought in £32m in 2009 a figure JLT said it hoped to boost to £36m, through the Thistle model, in 2010.

James Gerry, chief executive officer of Thistle Underwriting, told Insurance Age he was keen for the agreement to be distinguished from managing general agents (MGAs) other brokers had established in the past few years.

"We're not combining the business because we've 'cut some deal' with a capital provider. What distinguishes Thistle from many other underwriting intermediaries is that we are delivering insurance products that are exclusively available through Thistle; we are not simply a distributor of other insurers' products.

"Another distinguishing feature is that we provide full end-to-end underwriting services, including claims. That is quite unusual in the market," he added.

While Mr Gerry was keen to point out that the agreement was not exclusively with Brit, he refused to divulge the full panel of insurers that would back the underwriting vehicle.

On Thistle's future with JLT, Mr Gerry said: "I think it speaks volumes that Dominic Burke has already identified Thistle as evolving into the "third leg" of the JLT Group, and through this business combination, we take a significant step towards realising this ambition. I've also previously stated that we have clear plans to see Thistle develop into an international business."

Adrian Girling, currently CEO of JLT Europe, has been appointed executive chairman of Thistle and will work with the current and remaining CEO, James Gerry to effect the merger.

JLT said Thistle would be making full use of the full range of distribution channels - affinity, direct and via brokers and that it would also be taking advantage of JLT-owned MGA Ingham's established ties with some 2,000 brokers.