Marsh combines specialty unit with JLT, reshuffles management
Marsh is combining the specialty teams of Marsh and Jardine Lloyd Thompson Group to create the Marsh-JLT Specialty unit, effective upon closing of the transaction between Marsh’s parent company, Marsh & McLennan Companies (MMC) and JLT.
MMC is acquiring re/insurance broker Jardine Lloyd Thompson Group (JLT) for $6.4 billion.
“It’s exciting to begin planning for the integration of Marsh and JLT. With the formation of Marsh-JLT Specialty, we will be well positioned to grow our specialty business through the combined value proposition of the two firms,” said John Doyle, CEO of Marsh.
“While our brand is Marsh, Marsh-JLT Specialty will leverage the exceptional reputations of both firms’ specialty units with clients that require specialized products and services,” Doyle said.
In addition to becoming vice chairman of MMC and a member of the Marsh & McLennan executive committee, Dominic Burke, currently CEO of JLT Group, will become chairman of Marsh-JLT Specialty. He will continue to be located in London.
Lucy Clarke, CEO of JLT Specialty, will become president, Marsh-JLT Specialty reporting to Doyle. In this London-based role, Clarke will be directly responsible for Marsh-JLT Specialty’s energy, credit, marine, financial and professional, private equity and M&A (PEMA), construction, and aerospace business worldwide. Clarke will become a member of the Marsh executive committee.
Mark Drummond Brady, deputy group CEO of JLT Group, will become vice chairman of Marsh, reporting to Doyle. He will continue to be located in London. Drummond Brady will become a member of the Marsh executive committee.
Dean Klisura will be named president, Marsh Global Placement. In this capacity, Klisura will be responsible for placement protocols and standards across all lines within Marsh. He will also lead the non-specialty placement operations of Marsh, including Bowring Marsh and existing multi-line placement hubs. Klisura will continue to report to Doyle and serve as a member of the Marsh executive committee. Klisura is located in New York.
Burke commented: “I am proud of what JLT’s people, brand and experience can offer the specialty clients of Marsh and JLT, bringing together the best of our two firms. I look forward to working with Marsh colleagues on a successful integration and in leading this industry in exceptional client service and risk expertise through Marsh-JLT Specialty.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
California fires risk $18bn property reconstruction cost
TransRe invests in parametric insurance specialist
JLT Re acquires JLT March Re, launches Iberia operations
Assurant reorganises leadership as CFO retires
Lloyd’s opens Brussels office
IoT insurance platform raises £1m
