100 staff ready for 1 January start of new specialist broker, Lloyd and Partners
Jardine Lloyd Thompson (JLT)'s new venture Lloyd and Partners Ltd will be based on the business model of new broking entrant Oxygen Insurance Brokers.
It is understood the operation will be made up of six or seven teams, each broking specialist lines of business similar to the broking hub set up by former Faraday chief executive Nigel Barton.
The venture plans to begin trading on 1 January 2005, according to sources.
Market sources said Guy Carpenter international division president and chief executive Geoff Bromley was set to head Lloyd and Partners. He will take up the position after six months' gardening leave following the Baden-Baden reinsurance conference at the end of this month .
JLT has taken extra space at its One America Square offices to accommodate over 100 staff to man the new operation. It is understood the staff will include existing JLT staff and new recruits.
In August this year, JLT announced that John Lloyd would stand down from his role as chairman of JLT Risk Solutions to concentrate on the formation of Lloyd and Partners.
JLT said it would have "specific focus on business produced from independent retail sources".
Ex-Marsh chief executive Mike Hammond and Dominic Collins were appointed chief executive and chairman of JLT Risk Solutions respectively in August. It is understood JLT Risk Solutions reinsurance division will begin trading in third quarter 2005.