Merged business to be called JLT Towers Re
Jardine Lloyd Thompson Group (JLT) is set to acquire Towers Watson’s reinsurance brokerage business.
Towers Watson’s brokerage business will be merged with JLT’s reinsurance business and will be branded intially as JLT Towers Re.
Earlier this month, it was reported that both Willis and Cooper Gay had put forward bids, with the former understood to be the forerunner.
The acquisition, which was announced today, will accelerate JLT’s strategy to build its international reinsurance brokerage operations.
JLT group chief executive Dominic Burke (pictured) said: “I am delighted to be able to welcome the Towers Watson team and their clients to JLT. Towers Watson offers us a very strong reinsurance platform in the key North American market, as well as bringing further strength in the London market and a leading analytical capability.”
Upon completion Ross Howard, currently head of Towers Watson’s reinsurance brokerage business, will become executive chairman of the merged operation. Alastair Speare-Cole, currently chief executive of JLT Re, will become chief executive of the new business.
Ross Howard, said: “JLT offers our clients and our people a great opportunity to work with a company that shares our values and focus on clients. Together we will have the platform, market presence and support of a strong organisation to attract and retain the very best people in the market and improve our client offering.”
The acquisition is subject to regulatory approval and is expected to complete before the year end.
The two businesses will be fully integrated over the course of 2014 and 2015.
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