Under the oversight of Ed Hochberg, JLT Re North America has developed into a platform that has impressed many

The industry is beginning to get a better idea of how the soon-to-be enlarged Marsh & McLennan Companies (MMC) will appear once its takeover of JLT Group completes.

While one aspect of JLT Group CEO Dominic Burke’s new responsibilities were made clear in the aftermath of the deal being announced – he is to take the title of vice chairman at MMC – it has taken time for his cohorts at the London-based broker to find out what their new roles will be.

Indeed, a month or so after the transaction was first revealed, it was announced that Burke was to be appointed chairman of Marsh-JLT Specialty with Lucy Clarke, currently CEO of JLT Specialty, taking on the title of president for the Marsh-JLT Specialty business.

Other appointments to that enlarged Marsh-JLT Specialty unit have also been announced involving senior individuals such as Mark Drummond Brady and Dean Klisura, and I understand that more will be revealed in early February.

Here in the US, JLT as a business has been on a rapid rise in recent years, but the specialty broking operation was starting from the very bottom and so while it has made a dent in the sector, it still had some way to go before it was competing at the very top end of the market. The same cannot be said for JLT Re however, with that platform consisting of the former Towers Watson Re business that JLT had acquired back in 2013 and therefore already having foundations to build upon. 

Since moving into the JLT Group, that part of the business has been doing its best to shake up the established reinsurance broking market in the US. Under the oversight of Ed Hochberg, JLT Re North America has developed into a platform that has impressed many of the underwriting contacts I have both on the primary and reinsurance sides of the business.

And so it is pleasing to see that Hochberg will be heading up a new platform within the expanded Guy Carpenter business called the global capital solutions practice. Working closely with GC Securities – the Guy Carpenter unit responsible for insurance-linked securities and M&A advisory, this new unit will advise clients on capital, reinsurance optimisation and risk transfer solutions. It certainly seems tailor made for Hochberg’s expertise and background.

The announcement of the new platform’s creation coincided with details on the roles various other senior Guy Carpenter and JLT Re executives such as Tim Gardner, John Trace, Keith Harrison, James Nash, Bradley Maltese, David Flandro and Vicky Carter and many more, will take at the combined business.

I understand that 1 April has been pencilled in as the expected completion date for the deal – MMC has publicly said it is hoped to be sometime in the spring – but much more needs to be announced with regards to what shape the bigger business will take. As noted above, further specialty appointments are expected to be unveiled in early February, while news on who will take major roles within the employee benefits arm is thought to be released towards the end of the month. It is unclear when further appointments within the merged Guy Carpenter/JLT Re will be made.

Until then, there will be much speculation as to who will be sitting where come the summer months