8. Rivals snag former JLT staff
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Almost as soon as the ink was dry on Marsh & McLennan Cos. Inc.’s agreement to buy Jardine Lloyd Thompson Group PLC, rival brokers swooped to recruit former JLT staff.
Former JLT brokers moved to several different firms before and since the April merger with Marsh & McLennan’s brokerage operations was completed, but rapidly growing New York-based brokerage NFP Corp. and Newport Beach, California-based Alliant Insurance Services hired away multiple JLT brokers.
The story looking at the firms’ hires from their larger rival was the eighth most read risk management story on Business Insurance’s website in 2019.
In May, Marsh had sued NFP Corp. for allegedly poaching 13 former JLT real estate employees, filing lawsuits in U.S. District Courts in New York and San Francisco. On Dec. 18, the parties filed a joint status report with the San Francisco court stating they had reached an agreement in principle to settle the litigation.
Another smaller brokerage that added significantly to its staff via the recruitment of former JLT brokers was Cobbs Allen.
Among several other moves, the Birmingham, Alabama-based brokerage announced in September that it had formed a specialty risk unit that would be headed by Michael Rice, former executive chairman of JLT Specialty USA.
