London-based insurance broker Jardine Lloyd Thompson Group plc said it plans to make a number of changes to its business and management structure, affecting both its London and international business.
The firm said it is merging two of its brokerage entities, JLT Risk Solutions and Agnew Higgins Pickering, which specializes in natural resources. The new firm will be named Jardine Lloyd Thompson Limited.
The new entity is intended to reinforce both JLT's standing as a specialist broker and its commitment to major accounts, the firm said.
Andrew Agnew was named chairman of Jardine Lloyd Thompson Limited. Mark Drummond Brady was named deputy chairman and Martin Hiller was named chief executive.
Lloyd & Partners, JLT's wholesale broker, will specialize in providing access to the London, Bermuda and European insurance markets for independent retail brokers, particularly those located in the United States and the firm's own operations in Latin America, Australia, Asia and Canada. Lloyd & Partners will become responsible for the company's insurance broking company in Bermuda.
The specialist marine and energy reinsurance operations of Agnew Higgins Pickering will transfer to JLT Re.
Mr. Brady will take on the newly created role of international chairman of the JLT Group. He will focus on ensuring that JLT derives maximum benefit from the co-ordination of all its international businesses and leverage areas of strength throughout the group, JLT said.
Mr. Agnew and John Lloyd will become members of JLT's group executive committee.
The changes are expected to take effect Jan. 1, 2007 subject to regulatory approval.
Dominic Burke, chief executive of the JLT Group, said, “The recent sale of our U.S. retail business has enabled us to reconsider the structure of our London specialty and wholesale businesses.
“By focusing these London market operations on two companies with distinct and clearly defined specialist strengths, we will be able to retain and build on our very strong position in the London and international markets,” he added.
JLT announced the sale of its U.S. property-casualty and employee benefits business on Sept. 8 to Alliant Insurance Services Inc. for $100 million. JLT has retained some specialized lines in the United States.
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