Marsh & McLennan Cos. Inc. is forming Marsh-JLT Specialty, a new business within the company that combines the specialty teams of Marsh and the broker Jardine Lloyd Thompson Group plc.

Marsh plans to acquire JLT for $5.6 billion, and JLT shareholders recently signed off on the deal. The formation of Marsh-JLT specialty will be effective upon the acquisition’s closing, which remains subject to the receipt of certain antitrust and financial regulatory approvals.

In addition to becoming vice chairman of Marsh & McLennan Companies and a member of the Marsh & McLennan executive committee, Dominic Burke, currently CEO of JLT Group, will become chairman of Marsh-JLT Specialty and be based in London. Lucy Clarke, CEO of JLT Specialty, will become president, Marsh-JLT Specialty. Mark Drummond Brady, deputy group CEO of JLT Group, will become vice chairman of Marsh and still be based in London. Drummond Brady will become a member of the Marsh executive committee.

Dean Klisura will be named president, Marsh Global Placement. He will also lead the non-specialty placement operations of Marsh, including Bowring Marsh and existing multiline placement hubs. Klisura is based in New York.

Source: Marsh & McLennan

Topics Mergers & Acquisitions Excess Surplus