Marsh has announced the formation of Marsh-JLT Specialty, a new business within Marsh that combines the specialty teams of Marsh and Jardine Lloyd Thompson Group plc (JLT), effective upon closing of the transaction between Marsh’s parent company, Marsh & McLennan Companies (MMC) and JLT, which remains subject to the receipt of certain antitrust and financial regulatory approvals.
John Doyle, President and CEO of Marsh said, “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.”
The transaction was announced on September 18, 2018. On October 10, Marsh & McLennan received notice from the U.S. Federal Trade Commission that it had granted early termination of the applicable waiting period under the Hart-Scott-Rodino Act, concluding the competition review of both the FTC and Department of Justice. The transaction still remains subject to additional antitrust, financial regulatory and UK High Court approvals.
The shareholders of JLT overwhelmingly approved Marsh & McLennan’s agreement to acquire JLT. Of those shares voted, 99.9 per cent voted in favor of the transaction. Dan Glaser, President and CEO of MMC said, “Upon closing, the combined firm will have the deepest pool of talent in the industry; the broadest industry expertise; and the greatest capability to invest in data, analytics and digital solutions. We will meet our clients’ greatest challenges with innovation and thought leadership.”
Of the specialty arm Doyle said, “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.”
In addition to becoming Vice Chairman of Marsh & McLennan Companies and a member of the Marsh & McLennan Executive Committee, Dominic Burke, currently CEO of JLT Group, will become Chairman of Marsh-JLT Specialty. He will continue to be located in London.
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, and 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 and will also 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, be located in New York and also serve as a member of the Marsh Executive Committee.
Burke commented: “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.”