MMC and JLT merger completes, Guy Carpenter highlights tech and risk changes
As Marsh & McLennan, Guy Carpenter’s parent company, finalised its acquisition of Jardine Lloyd Thompson (JLT) today (1 April), Guy Carpenter’s Peter Hearn, president and CEO, and Ross Howard, vice chairman, emphasised their focus on technology and how it will change the nature of risk.
In a short video message, Howard said that reinsurance was becoming “more and more in the forefront of all our clients needs”.
He also said that the merger of MMC and JLT “brings us such an opportunity to provide the best of service”, referring to greater use of analytics.
Howard highlighted the importance of the merged company's staff, adding: “One of the things that Peter [Hearn] and I have talked about a lot is having people who are your advocates, who will look at your business, provide the best answers for your business.”
Hearn said he had recently been asked what he thought about technology as a business disruptor. “I don’t really think that’s the question to be asked. I think the question to be asked is what will technology do to change the nature of risk?”
He continued: “What we want to do is build a business that addresses the changing nature of risk, whether that be climate change, cyber, terror, or autonomous cars. [We want] to be able to have a response to each and every one of those risks that our clients face today.
“We’re problem solvers, and unpredictability makes the roles that we serve even more valuable in trying to figure out where the risk of the future is, how it affects clients, their growth, profitability, their volatility. That is going to be incredibly important.”
Howard said that the next issue and problem round the corner “is something that's not been thought of, not been looked at”.
Pointing to the Californian wildfires as an example, he said: “While they’ve had them [wildfires] in the past, they’ve never ever been the ferocity, duration, and the problem that they’ve been. So the next problem and issue is what we have to look at and find solutions to it.”
Both leaders agreed that the integration of MMC and JLT was “exciting” and offered many opportunities. A Guy Carpenter statement said: “We are moving forward together with the combined expertise, capabilities, and resources of Guy Carpenter and JLT Re to further enhance the innovative solutions that we provide to [our clients].”
The merged businesses will now operate as Guy Carpenter, with the company adding “we are striving to maintain the seamless, superior level of service that you deserve”.
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