Marsh will combine its specialty unit with JLT-Specialty to form Marsh-JLT Specialty.
The combined specialty business will launch upon the completion of the acquisition of Jardine Lloyd Thompson Group (JLT) by Marsh’s parent company, Marsh and McLennan Companies (MMC), which remains subject to certain antitrust and financial regulatory approvals.
Marsh-JLT will be a new speciality business within Marsh that combines the specialty teams of Marsh and JLT.
Current JLT Group CEO Dominic Burke, who will become vice chairman of MMC and a member of the MMC executive committee upon completion of the acquisition, will take the role of chairman of Marsh-JLT Specialty.
Lucy Clarke, currently CEO of JLT Specialty, will become president of Marsh-JLT Speciality and a member of the Marsh executive committee.
Reporting to John Doyle, president and CEO of Marsh, Clarke will be responsible for Marsh JLT-Specialty’s energy, credit, marine, financial and professional, private equity and mergers and acquisitions, construction, and aerospace business worldwide.
Mark Drummond Brady, deputy group CEO of JLT Group, will become vice chairman of Marsh, reporting to Doyle, and become a member of the Marsh executive committee.
Burke, Clarke, and Drummond Brady will all continue to work in London.
Dean Klisura, currently president of global placement and specialties at Marsh, will be appointed president of Marsh global placement and will continue to report to Doyle and serve as a member of the Marsh executive committee.
Klisura, who is located in New York, will be responsible for placement protocols and standards across all lines within Marsh, and for leading the non-specialty placement options of Marsh.
Doyle said that it was exciting to begin planning for the integration of Marsh and JLT.
He commented: “With the formation of Marsh-JLT Specialty, we will be well positioned to grow our specialty business through the combined value proposition of the two firm.”
“While our brand is Marsh, Marsh-JLT Specialty will leverage the exceptional reputations of both firms’ specialty units with clients that require specialised products and services.”
Burke stated: “I am proud of what JLT’s people, brand and experience can offer the specialty clients of Marsh and JLT, bringing together the best of our two firms.”
“I look forward to working with Marsh colleagues on a successful integration and in leading this industry in exceptional client service and risk expertise through Marsh-JLT Specialty.”
