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Lockton Inc. has formed a global reinsurance business called Lockton Global Re and hired former executives from Marsh & McLennan Cos. Inc. and Guy Carpenter & Co. LLC to run it.
Tim Gardner, current chief executive officer of North America operations for Guy Carpenter; Claude Yoder, current managing director and global chief innovation and product development officer for Guy Carpenter; and Nick Durant, managing director and former president of Marsh Captive Solutions, will lead the team, Lockton said in a statement on Thursday. All three will be based in New York.
“By adding this outstanding, experienced and innovative leadership team, Lockton is going all in on reinsurance,” Ron Lockton, president and CEO of Lockton Inc., said in the statement. “We are filling a void in the marketplace, building our platform the right way by focusing on value creation for our clients. With encouragement from our key trading partners who hunger for choice and innovation, we make this commitment to the reinsurance space.”
This new reinsurance unit will incorporate Lockton’s specialty team based in London as well as its current reinsurance units Lockton Re U.S. LLC and Lockton Re U.K. LLP.
“As a major global retail broker, we always saw the opportunity in building complementary talent in reinsurance to support our carrier partners,” Neil Nimmo, CEO, Lockton International Holdings Ltd., said in the statement. “Our specialty London team have been a huge success, but we wanted to find the opportunity to go global.”
Mr. Gardner previously served in several positions with Guy Carpenter and Marsh & McLennan, including head of sales for the international division, global leader of the Marsh Risk Management segment and chief operating officer for Marsh’s U.S. and Canada divisions. Mr. Yoder previously served as head of Marsh Global Analytics while Mr. Durant led Marsh’s captive solutions business, which manages more than 1,250 captives worldwide.
A Lockton spokeswoman declined to comment on the size of the investment in the new reinsurance unit.
Lockton Cos. L.L.C. reported $1.57 billion in revenue for fiscal year 2018, a 9.9% increase over fiscal year 2017, the Kansas City, Missouri-based broker said Thursday.