Marsh-JLT Specialty To Be Formed Following Acquisition Finalization

The Marsh and Jardine Lloyd Thompson Group plc (JLT) specialty teams will combine to form Marsh-JLT Specialty as a new specialty business within Marsh.

The combination will be effective once the transaction closes between Marsh's parent company, Marsh & McLennan Companies (MMC), and JLT, subject to certain antitrust and financial regulatory approvals.

Earlier this month, Marsh announced that the shareholders of JLT overwhelmingly approved MMC's agreement to acquire JLT. Of those shares voted, 99.9 percent voted in favor of the transaction.

On October 10, MMC received notice from the US Federal Trade Commission (FTC) 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.

JLT's current CEO, Dominic Burke, will remain in London to become vice chairman of MMC and begin as chairman of Marsh-JLT Specialty.

Also based in London, Lucy Clarke, current CEO of JLT Specialty, will be appointed as president of Marsh-JLT Specialty, reporting to John Doyle, president and CEO of Marsh. Ms. Clarke will head up Marsh-JLT Specialty's energy, credit, marine, financial and professional, private equity and M&A (PEMA), construction, and aerospace business worldwide.

Mark Drummond Brady, London-based deputy group CEO of JLT, will become vice chairman of Marsh, also reporting to Mr. Doyle.

New York-based Dean Klisura, current president of Marsh Global Placement and Specialties, will continue reporting to Mr. Doyle as president of Marsh Global Placement. He will be responsible for placement protocols and standards across all lines within Marsh and will also lead Marsh's nonspecialty placement operations.

Mr. Burke, Ms. Clarke, Mr. Drummond Brady, and Mr. Klisura will all serve as members of the Marsh Executive Committee.

Mr. 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."

Mr. Burke remarked, "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."

Earlier this month, Dan Glaser, president and CEO of MMC said, "The process of planning the future of Marsh & McLennan and JLT together now begins in earnest."