Marsh will form a new speciality business following completion of its acquisition of JLT.
The new business will combine the specialty teams of Marsh and JLT once the acquisition closes. Certain regulatory approvals are still outstanding.
JLT shareholders overwhelmingly approved the acquisition, worth more than £4 billion, earlier this month.
Once the deal closes, Dominic Burke, currently chief executive officer of JLT Group, will become chairman of the newly formed Marsh-JLT Specialty. He will continue to be located in London.
Burke will also become vice chairman of the parent company and a member of the executive committee.
Lucy Clarke, CEO of JLT Specialty, will become president of Marsh-JLT Specialty, reporting to John Doyle, president and CEO of Marsh. In this London-based role, Clarke will be directly responsible for energy, credit, marine, financial and professional, private equity and mergers and acquisitions, construction, and aerospace business worldwide. She will also will become a member of the Marsh executive committee.
Mark Drummond Brady, deputy group CEO of JLT, will become vice chairman of Marsh, reporting to Doyle. He will continue to be located in London and will become a member of Marsh’s executive committee.
Dean Klisura will be named president of Marsh Global Placement. In this capacity, Klisura will be responsible for placement protocols and standards across all lines. He will also lead the non-specialty placement operations, including Bowring Marsh and existing multi-line placement hubs.
Klisura will continue to report to Doyle and serve as a member of the executive committee. He is located in New York.
Doyle 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.”
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.”
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