JIB Group has bought the general insurance division of fellow
insurance broker Oriel Group in a #5.4m deal. Cash from the sale will be
used to wipe out borrowings and fund acquisitions.
Businesses sold include Allied Insurance Brokers, AIB Financial
Services, AIB Special Risks, AIB Pension Trust, CGA Insurance Brokers
(Scotland), Armstrong Salmond, and AIB Tax & Financial Services.
Oriel announced the sale along with results for the six months to June
30, showing a fall in pre-tax profit to #1.2m from #1.6m previously.
Earnings dropped to 5.3p from 7.5p a share, but the interim dividend is
raised to 2p from 1.8p.
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