Reinsurance brokerage Guy Carpenter has appointed Ross Howard, currently the Chairman of JLT Re, to become Vice Chairman of the firm, as the integration between JLT and MMC continues following the acquisition.
The acquisition of Jardine Lloyd Thompson Group (JLT) by broking and advisory giant Marsh & McLennan Companies, Inc. (MMC) for a cash consideration of $5.6 billion, means the firms have to reorganise and assign roles to key leaders.
The appointment of Howard as Vice Chairman of Guy Carpenter will be effective as of the closing of the transaction, expected in spring 2019, which is subject to the receipt of antitrust and regulatory approvals.
In the immediate term Howard has also been made Global CEO of JLT Re, as the latest CEO Mike Reynolds has now left the firm, a media source at the company confirmed to us this morning.
Dominic Burke, Group Chief Executive of JLT commented on the departure of Reynolds saying, “On behalf of everyone at JLT, I should like to thank Mike for the enormous contribution he has made as CEO of JLT Re, and wish him the very best for the future.”
As Vice Chairman, Howard will report in to Guy Carpenter President & CEO Peter Hearn and will take a position on the reinsurance brokers Executive Committee.
He will be responsible for developing new business opportunities at the reinsurance broker, as well as developing client relationships with the goal of further growing the combined global reinsurance business.
In addition, Howard will also be tasked with assisting in the execution of the integration of JLT Re with Guy Carpenter.
“We are very excited to take the first steps in bringing together these two great reinsurance businesses. I have known Ross in the market over the years and believe he will play a pivotal role in the success of the combined organization, driving growth and global collaboration, while further differentiating our client value proposition,” commented Peter Hearn, President & CEO of Guy Carpenter. “I am very pleased to welcome Ross to our leadership team.”
“I am delighted at the prospect of joining Guy Carpenter’s industry-leading executive team and look forward to adding a complementary perspective and diversity of thought that will deliver greater value and profitable growth to clients,” added Howard.
Howard joined JLT in November 2013 after the acquisition of Towers Watson Re, joining their executive council in January 2014. Prior to that he led the global Towers Watson reinsurance business. He has more than 35 years’ experience in the industry.