Sometimes two heads are better than one – and now two major brokerages will be hoping that combining their expertise from their respective specialty units will pay off on the back of a major transaction.
Marsh’s swoop for Jardine Lloyd Thompson Group plc, still subject to certain anti-trust and financial regulatory approvals, is old news – but today the companies have announced that their specialty units will be combined under one banner, named Marsh-JLT Specialty.
“It’s exciting to begin planning for the integration of Marsh and JLT. 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 firms,” said John Doyle, president and CEO of Marsh. “While our brand is Marsh, Marsh-JLT Specialty will leverage the exceptional reputations of both firms’ specialty units with clients that require specialized products and services.”
The new unit will be led by Dominic Burke, currently CEO of JLT Group and a member of the Marsh & McLennan executive committee who will now become chairman of Marsh-JLT Specialty and will continue to be located in London.
“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,” he said. “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.”
He will be ably backed by Lucy Clarke, CEO of JLT Specialty, who will become president of Marsh-JLT Specialty and will be directly responsible for Marsh-JLT Specialty’s energy, credit, marine, financial, professional, private equity and M&A, aerospace and construction business worldwide. Also joining the line-up at the top will be Mark Drummond Brady, deputy group CEO of JLT Group, who becomes vice chairman of Marsh; and Dean Klisura who will be named president of Marsh Global Placement and will be responsible for placement protocols and standards from his base in New York.