JLT follows organic revenue growth path
JLT expects to make “sustained year-on-year financial progress” despite the series of natural catastrophes this year.
“The group continues to believe it will deliver full-year organic revenue growth more in line with historical rates,” it says in a market update covering the period July 1 to November 6.
“Due to the timing of insurance and reinsurance renewals, the group does not expect the recent series of natural disasters around the world to have an impact on its full-year outturn.
“With respect to the 2018 period, the initial marketplace response to these events has been inconsistent and it is premature to draw conclusions as to the effect these may have on the insurance rating environment.”
JLT says it remains pleased with trading in its risk and insurance businesses, despite “ongoing challenges and uncertainties in the economic, market and political environments”.
In the international specialty unit, Australia “started to realise the benefit of client wins announced at the interim results in July”, and Latin America performed well.
JLT Specialty Europe reported mixed revenue, with good results in construction, financial lines, and credit and political risks, but a weaker performance in energy and marine.
JLT Re is building on momentum shown in the first half, and US specialty continues to grow revenue, bolstered by the strong performance of the Construction Risk Partners business acquired in January.