London market stalwart John Lloyd will join broking start-up McGill & Partners as chairman in early October.
The Lloyd Thompson founder will work in close partnership with CEO Steve McGill, reuniting former colleagues who worked closely together for 15 years at JLT.
The widely anticipated move – trailed months ago by this publication – comes after McGill & Partners struck a deal with Marsh last month to acquire the renewal rights for books of mainly wholesale business that Marsh acquired as part of its merger with JLT.
It is now understood that the deal is likely to ultimately be worth more than $20mn in revenue for McGill & Partners and involves more than 500 clients.
Lloyd founded Lloyd Thompson in the early 1980s and McGill joined in 1989 to start and run the firm’s international non-marine business.
In late 1996, when Lloyd Thompson merged with Jardine Insurance Brokers to form JLT, McGill and Lloyd worked closely together taking on a range of senior leadership roles with Lloyd ultimately becoming CEO of Lloyd & Partners and McGill CEO of the group.
McGill moved to Aon in 2005, eventually becoming CEO of the risk solutions business and group president of Aon, where he stayed until 2017.
Lloyd remained at JLT until earlier this year, when he resigned following the Marsh & McLennan Companies takeover.
McGill & Partners has spent the past few months assembling a line-up of high-profile broking talent.
The executive team includes CFO Oliver Corbett, COO Denise Garland, head of strategy Stephen Cross and head of broking Karl Hennessy.
Other senior staff to join include Joe Trotti, who will head aerospace; Gordon Longley, who will lead marine specialty; and Brian Kirwan, who will oversee structured solutions.
Last month The Insurance Insider revealed that former Aon ReSolutions CEO Terry Masters was also set to join in September.
McGill said: “I am absolutely thrilled that John will shortly be joining us as chairman of the Group. He and I are both passionate about building a best-in-class specialty risk solutions business led by practitioners and focused around placement and deal-making. We particularly look forward to working closely with our carrier partners in an unconflicted, open and efficient manner as we look to deliver exceptional results for our clients.”