Global re/insurance broker Marsh has began the integration process of JLT – which it acquired for $5.6 billion in September – with the formation of Marsh-JLT Specialty, a new specialty business that combines the teams of both businesses.
In addition to becoming Vice Chairman of Marsh & McLennan Companies and a member of the Marsh & McLennan Executive Committee, Dominic Burke, currently Chief Executive Officer of JLT Group, will become Chairman of Marsh-JLT Specialty. He will continue to be located in London.
“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.”
Lucy Clarke, CEO of JLT Specialty, will become President, Marsh-JLT Specialty reporting to Doyle. In this London-based role, Clarke will be directly responsible for Marsh-JLT Specialty’s Energy, Credit, Marine, Financial and Professional, Private Equity and M&A (PEMA), Construction, and Aerospace business worldwide. Clarke will become a member of the Marsh Executive Committee.
Mark Drummond Brady, Deputy Group CEO of JLT Group, will become Vice Chairman of Marsh, reporting to Doyle. He will continue to be located in London. Drummond Brady will become a member of the Marsh Executive Committee.
Dean Klisura will be named President, Marsh Global Placement. In this capacity, Klisura will be responsible for placement protocols and standards across all lines within Marsh.
He will also lead the non-specialty placement operations of Marsh, including Bowring Marsh and existing multi-line placement hubs. Klisura will continue to report to Doyle and serve as a member of the Marsh Executive Committee. Klisura is located in New York.
“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,” commented Burke.
“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.”
The new unit will be effective upon closing of the transaction between Marsh’s parent company, Marsh & McLennan Companies and JLT, which remains subject to the receipt of certain antitrust and financial regulatory approvals.