Jardine Lloyd Thompson (JLT) has reported its insurance business is trading well despite soft markets.

“The group’s overall trading performance is in line with our expectations, notwithstanding continued challenging trading conditions,” the company said in a statement to the London Stock Exchange.

“Our risk and insurance business is performing well although the insurance rating environment remains soft in most classes, with the exception of offshore energy where shortage of capacity is restricting opportunities.”

JLT’s new non-advisory underwriting business, Thistle Insurance Services, is making good progress, the company said.

Despite the challenging outlook, CEO Dominic Burke remains positive for the group’s end-of-year results.

“Despite challenging trading conditions, JLT continues to build on the investments made across the group and remains on track to achieve its strategic and financial objectives for the year,” he said.

“As we enter the final quarter of the year, we remain optimistic about the prospects for the group as we continue to build a balanced business around our chosen areas of specialism.”