NEW YORK (AP) — Towers Watson & Co. said Wednesday that it has completed the sale of its reinsurance brokerage business to Jardine Lloyd Thompson Group PLC for $250 million but plans to continue working with its insurance company clients.
The New York-based human resources and risk management consultant plans to continue offering risk consulting, software, investment and HR services to insurers.
Jardine Lloyd Thomson is merging the Towers Watson brokerage into its reinsurance unit to form a business named JLT Towers Re. It expects the integration to be completed by 2015. The London-based company provides insurance, reinsurance and employee benefits-related services, among other products.
The deal with Towers Watson was announced in September.
Shares of Towers Watson closed at $110.90 on Tuesday. The price has nearly doubled since the stock closed 2012 at $56.21.