Insurance Age

JLT hits out as City analyst downgrades the broker

Jardine Lloyd Thompson (JLT) insisted it had already informed the market that its risk solutions business would be impacted by the weakness of the US dollar and the changing reinsurance environment, after over 10% of its share price was wiped out, following comments by one City analyst at the end of June.

JLT was downgraded to "reduce 1" from "neutral 1" by analyst Ben Cohen at UBS and its target price cut from 490 to 370 after it crashed from 53.75 pence to 427.50.

Subsequently Mr Cohen cut h