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Marsh & McLennan Cos. Inc. has completed its $5.6 billion acquisition of Jardine Lloyd Thompson Group PLC.
“Today marks the beginning of a new era with Marsh & McLennan and JLT coming together,” Dan Glaser, president and CEO of Marsh & McLennan, said in a statement. “This is a combination of strength and strength, and the primary focus is growth — in talent, capabilities, revenue and earnings.”
In March, the European Commission approved the acquisition, clearing a final regulatory hurdle. JLT had agreed to sell its aerospace practice to Arthur J. Gallagher & Co. last month to address a potential overlap and smooth the path for the acquisition.
Marsh LLC and JLT will combine specialty units now that the acquisition is complete.
The acquisition announced in 2018 was yet another reminder that merger and acquisition activity is likely to persist in the industry, but raised important questions about what insurer and broker consolidations mean for risk managers, particularly with regard to the ability to pay claims, offer new products and services, and the potential pricing impact, insurers and brokers say.
Marsh & McLennan Cos. Inc.’s $5.6 billion acquisition of Jardine Lloyd Thompson Group PLC — a major transaction that could not have happened five or seven years ago — is all about growth, according to the company’s top official.