Insurance and reinsurance broker Jardine Lloyd Thompson Group Plc reported a 15 percent rise in underlying pretax profit, but said it was cautious for the rest of the year due to a marked decline in rates and a stronger pound. JLT shares fell as much as 3 percent to 1023 pence on Tuesday morning. "The recent steepening in reinsurance rate decreases looks likely to moderate near-term profit growth," Numis Securities analyst Nick Johnson said in a note. JLT, which negotiates insurance cover on behalf of corporate clients around the world, bought Towers Watson's reinsurance brokerage last year for $250 million to expand its footprint in the United States.
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