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Industry veteran John Lloyd will step down as CEO of JLT Specialty Ltd., a unit of Jardine Lloyd Thompson Group P.L.C., at the end of the year as part of a planned succession, JLT announced Monday.
Subject to regulatory approval, Paul Knowles has been named as Mr. Lloyd's successor as CEO of JLT Specialty and Lucy Clarke has been named his deputy. Both appointments are effective Jan. 1, 2016.
Mr. Knowles currently is responsible for JLT's construction and real estate business as well as running JLT Specialty's major corporate business. Ms. Clarke currently is head of energy at JLT Specialty and will remain responsible for that business in addition to her new position.
Mr. Lloyd has been CEO of JLT Specialty since last September, will remain with JLT Group and continue “to advise key clients, strengthen market relationships and support and mentor young leaders across the organization,” JLT said in a statement.
Mike Reynolds, CEO of JLT Re, said during a news conference at the Rendez-vous de Septembre reinsurance meeting in Monte Carlo, Monaco, that the company will still benefit from Mr. Lloyd's expertise, and said the appointments of Mr. Knowles and Ms. Clarke usher in an exciting phase for JLT's specialty business.
“John Lloyd's contribution to JLT has been truly outstanding,” JLT Group CEO Dominic Burke said in the announcement. “He has played an extremely influential role in the development to become the global, specialty-led force that we are today.”
Mr. Lloyd was one of the founding partners of what became the Lloyd Thompson Group, serving as its chairman prior to its merger with Jardine Insurance Brokers in 1997. He was chairman of the combined business' Lloyd's of London brokerage operation, before establishing and becoming chairman and CEO of Lloyd & Partners, JLT's specialist wholesale broker, in 2005.
Jardine Lloyd Thompson Group P.L.C. posted revenue of £591.6 million ($917.6 million) for the first six months of 2015, a 6.0% increase compared with the first half of last year, the London-based brokerage said Tuesday.