JLT "positive" on start to 2011 after Asian account wins

The employee benefits division has continued to perform well, building upon the successful acquisitions made in 2009 and 2010, JLT added in an interim statement.

"Notwithstanding competitive trading conditions across all our businesses, especially in the more developed markets, overall trading performance in the first quarter has been in line with our expectations, with satisfactory levels of organic growth around the group, continuing the momentum built up in prior years," the broker continued.

"Across the group we continue to invest for the future growth of the business, particularly through the recruitment of leading industry professionals. We have welcomed a number of senior colleagues in the first quarter as we continue to build out our specialist capabilities, and we expect to see the benefit of these investments over time."

JLT added its financial position "remains strong" and that there have been no material events or transactions during the period since the publication of the annual report for the year ended 31st December 2010.

Looking ahead, JLT said the recent cycle of major natural catastrophes is not expected to materially alter the levels of capital available in the market.

Consequently, the general rating environment remains competitive, the broker added, although resistance to rate reductions is now being felt and it is seeing some hardening of rates for certain types of catastrophe risks.

"Despite the continuing challenging macro economic environment, trading activity in the period across the group has been in line with our expectations and, whilst it is early in the year, we remain confident that we will continue to make financial progress in 2011 building upon the momentum developed in 2010," JLT concluded.