Jardine Lloyd Thompson has launched JLT Towers Re, which the company has hailed as “a new force in the international reinsurance market.”
The launch follows the receipt of the regulatory approvals required to complete JLT’s acquisition of Towers Watson’s reinsurance broking business which was announced on 20 September 2013.
JLT Towers Re combines Towers Watson’s established North American and London Market reinsurance broking businesses with JLT Re’s international reinsurance operations.
The new business will reportedly have combined revenues of $266 million.
The new company is aiming to provide clients with enhanced scale, capability and market presence.
Alastair Speare-Cole, CEO of JLT Towers Re, said: “I am delighted to welcome the Towers Watson team and their clients to JLT Towers Re. The culture of the two companies has been built around understanding client needs and meeting these needs with insight, deep analytical skills and effective execution.”
Ross Howard, executive chairman, said: “The response from clients and insurance markets to the news of this transaction has been very positive. JLT is committed to investing in the business to enhance JLT Towers Re’s client proposition and drive growth.”
