Cobbs Allen unit names former JLT Specialty chairman as CEO

CAC Specialty, the newly formed financial services division of brokerage Cobbs Allen, on Monday named Michael Rice, former executive chairman of JLT Specialty USA, as its new CEO.

Mr. Rice’s appointment is the latest high-profile former JLT executive to emerge in a key position following Marsh & McLennan Cos. Inc.’s $5.6 billion acquisition of Jardine Lloyd Thompson Group earlier this year.

Mr. Rice is also one of several senior former JLT executives snagged by the Birmingham, Alabama-based brokerage in recent weeks as it looks to grow its business.

With more than 25 years’ experience in the brokerage industry, Mr. Rice most recently served as the founding CEO and executive chairman of JLT Specialty USA, and prior to that worked in leadership roles at Aon PLC, CAC Specialty said in a statement.

Based in Denver, Mr. Rice will lead CAC’s team of executives including Bruce Denson Jr., president; David Payne, chief revenue officer; and Jack Leventhal, senior managing director and head of investment banking, the brokerage said.

“We are delighted that Mike has decided to join CAC Specialty as our Chief Executive Officer. His unmatched talent, industry experience, and institutional relationships will greatly enhance our growing market presence,” Paul Sparks, executive chairman of CAC Specialty, said in a statement.

Cobbs Allen is the 91st-largest broker of U.S. business with about $33 million in brokerage revenue, according to Business Insurance’s latest ranking.