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Marsh LLC and Jardine Lloyd Thompson Group PLC will combine specialty units when JLT’s $5.6 billion acquisition by Marsh parent company Marsh & McLennan Cos. Inc. closes.
Dominic Burke, currently CEO of JLT Group, will become vice chairman of Marsh & McLennan, a member of Marsh & McLennan’s executive committee and chairman of Marsh-JLT Specialty and will continue to be located in London, according to a statement released Tuesday by Marsh.
Lucy Clarke, currently CEO of JLT Specialty, will become president of Marsh-JLT Specialty, reporting to Marsh President and CEO John Doyle, and a member of the Marsh executive committee. She will be based in London and responsible for the new division’s energy, credit, marine, financial and professional, private equity and mergers and acquisitions, construction and aerospace businesses.
Mark Drummond Brady, deputy group CEO of JLT Group, will become vice chairman of Marsh, reporting to Mr. Doyle, and a member of the Marsh executive committee. He will continue to be based in London.
Dean Klisura will be named president of Marsh Global Placement, continuing to report to Mr. Doyle, and will serve as a member of the Marsh executive committee. He will be based in New York and be responsible for placement protocols and standards across all lines within Marsh and also lead the nonspecialty placement operations of Marsh.
JLT Specialty USA will be included in the merged division.
“It’s exciting to begin planning for the integration of Marsh and JLT,” Mr. Doyle said in the statement. “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. 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.”
On Nov. 7, JLT shareholders approved the acquisition, with 99.9% of voted shares in favor of the transaction.
In October, the U.S. Federal Trade Commission granted early termination of the waiting period for the acquisition.
The transaction remains subject to additional antitrust and financial regulatory approvals.
(Reuters) — Marsh & McLennan Cos. Inc. is buying British insurance and reinsurance broker Jardine Lloyd Thompson Group PLC for £4.3 billion ($5.7 billion), the latest takeover in a sector hit by recent losses.