Jardine Lloyd Thompson Plc, the world's eight largest insurance and reinsurance broker, has increased its stake in the Bermuda market.

The company announced Friday it had exercised an option to buy the remining 51 percent it doesn't already own in Bermuda-based brokerage Triangle Holdings Ltd.

The London-based company will pay about $3 million ( 1,794,895) for the stake through the issue of 1.05 million JLT shares, and $240,000 cash.

"Bermuda is established as a major insurance and reinsurance market which is evolving into new lines of insurance, many with significant relevance to the JLT client base,'' the company said in announcing the purchase.

Triangle Holdings grew out of Triangle Brokerage which was founded in 1988 by Peter Dunne, Norman Amondsen, and Giles North. In 1994 they sold a 41 percent stake to Lloyd Thompson Group Plc for about $2.4 million.

As part of the deal, Lloyd Thompson had an option to buy Triangle's remaing shares in the second half of this year.

In February this year Lloyd Thompson merged with JIB Group Plc, the combined operations being called Jardine Lloyd Thompson. The merger boosted the combined companies into the top eight among the world's reinsurance intermediaries.

The company markets itself as a specialist broker dealing with such segments as financial reinsurance, aviation, aerospace and marine programmes.

Triangle has 15 staff, and operates through two subsidiaries -- Triangle Brokerage Ltd. and Triangle Insurance Management Ltd. Mr. Dunne, Mr. Amondsen and Mr. North will remain active in the operation under Jardine.

In the year ended June 30, Triangle Group had pre-tax profit of $1.2 million on revenues of $3.2 million. The group's net assets on completion of the sale will be about $836,000.

JLT has made an application to list the new shares issued to Triangle's previous owners who will not be able to sell more than 30 percent of their holdings in the first year following the sale.

"In a market like Bermuda, it's imperative that they have a meaningful presence here,'' Mr. Dunne said in an interview.

He said the purchase of the rest of Triangle will increase the company's access to the JLT network, and help raise the brokerage's profile in the local market.

In October, JLT set up specialised broking company Financial Solutions Ltd. to target financial risks cover. Financial Solutions, which is headed by Henrik Berggren, operates independently out of Triangle's offices on Reid Street.

Financial Solutions will concentrate on brokering coverages for risks relating to export credits, investment and political risks, credit insurance, vendor finance and other areas which border between the insurance and financial markets.

For example, the brokerage would seek to place coverage related to large development projects -- such as dams -- in which the money is at risk from currency fluctuations and interest rate movements.

Previously Jardine Lloyd Thompson brought such business to the Bermuda market though its European office, and other offices worldwide. Now the brokerage wants closer contact with such companies as Centre Reinsurance Co. (Bermuda) Ltd. and Stockton Reinsurance Ltd.

Mr. Berggren said Financial Solutions should have up to ten staff within a year.