Jardine Lloyd Thompson (JLT) has created an independent underwriting division as part of a major global initiative to grow the group’s business.
Thistle Underwriting will be led by former Dual Underwriting chief executive, James Gerry.
The result of a 12-month strategic review, Thistle will commence trading early next year.
JLT chief executive Dominic Burke said it would be free to pursue business outside the remit of the group’s broking business.
Burke said the move was an attempt to remove the current areas of duplication between carriers and brokers. He said: “This underlines the scale of our operation, and our determination to avoid the blurring of roles and accountability that has cast a shadow over pervious binding agreements.”
He continued: “Many capital providers appreciate that the best way for them to secure an attractive return on large parts of their books of business is to standardise products and simplify the underwriting process.”
Burke added that the development would not be limited to either an managing general agent or the property sector.
JLT follows rival Willis’ announcement last month that it was developing a managing general agent.