Marsh and JLT’s specialty operations will rebrand as Marsh-JLT Specialty once the acquisition has closed.
The deal, which has been overwhelmingly approved by JLT’s shareholders, remains subject to regulatory approval and other conditions.
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.
“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.”
Current JLT CEO Dominic Burke is expected to become chairman of the joint specialty team, in addition to becoming vice chairman of parent company Marsh and McLennan’s executive committee.
“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,” Burke said.
Lucy Clarke, CEO of JLT Specialty, will become president of Marsh-JLT Specialty. She will head up energy, credit, marine, financial and professional, private equity and mergers and acquisitions, construction and aerospace business worldwide from a base in London. She will join Marsh’s executeive committee.
Remaining in London, Mark Drummond Brady will become vice chairman of Marsh and join its executive committee, following his role as JLT deputy group CEO.
Dean Klisura is to take on the role of president for global placement. From New York, he will head up placement protocols and standards across all lines, in addition to leading non-specialty placement operations. This includes Bowring Marsh and other multi-line hubs.
Marsh snapped up JLT in a $5.6bn (£4.3bn) deal that took just 11 days to come up with, MMC CEO Dan Glaser revealed in September.
Up to 3750 jobs are at risk across JLT and MMC, with the largest global broker hoping to save $250m in “cost synergies” as a result of the purchase.
Marsh declined to put a number on how many jobs could be at risk from the specialty arrangement.
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