JLT Re targets Spain through new venture

JLT Re has entered into a new reinsurance joint venture agreement with March JLT, the capital insurance broker owned by Grupo March and JLT, to create JLT March Re.

Richard Shinner who previously headed up the JLT Towers Re Spain operation will be relocating to London to be part of the marine and energy wholesale practice.

Ross Howard, chairman, JLT Re, said: “Following a review of our strategy in Europe this joint venture with March JLT allows us to continue to build on and grow our relationships in the region whilst capitalizing on the reputation of March JLT. The agreement will significantly strengthen the services and product offerings which will be supported with a high level of technical and reinsurance broking skills from London for the benefit of existing and prospective clients.”

Carlos Navarro, chief executive officer of March JLT, said: “This joint venture is an opportunity for March JLT to reinforce the services offered to our existing and future clients. Combining the reinsurance expertise of JLT Re and our knowledge of the market will help us to maintain our leadership as a provider of insurance solutions in key sectors like construction, energy, financial services or employment benefits, both local and internationally.”