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Niche insurance company Pavilion Insurance Networks is being acquired by insurance broker Jardine Lloyd Thomson.
Its subsidiary JLT Corporate Risks is offering 12p in cash for each share which values Pavilion, which offers niche domestic insurance products, such as Cycleguard for bicycles and Musicguard for musical instruments, at £6.6m. Pavilion floated at 5p a share in June 2004. Pavilion’s web site and internet infrastructure was one of its main attractions to JLT. The buyer believes it will be able to use the ecommerce platform for other products. JLT says that Pavilion will continue to be run independently but it will have access to finance which will help it grow more quickly both in the UK and Europe.
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