Garrett Hanrahan will succeed Simon Harker, who is retiring after a 44-year career
Broker and risk advisory firm Marsh has appointed Garrett Hanrahan as its new global head of aviation for the Marsh JLT Specialty business, effective from 15 April 2020.
Hanrahan will be taking over from Simon Harker, who is retiring after a successful 44-year career.
In this capacity, Hanrahan will oversee the entirety of Marsh JLT Specialty’s global aviation practice, which advises airlines, manufacturers and airports, to name a few.
The global aviation practice employs 300 specialists across 20 global offices.
Hanrahan, who has 25 years of industry experience, originally joined Marsh in 2013; his last role to date was as the US head of aviation, again for Marsh JLT Specialty.
In his new position, Hanrahan will report to Lucy Clarke, president at Marsh JLT Specialty.
Clarke said: “Garrett is an outstanding expert in his field, and we look forward to welcoming him to the role.
“On behalf of the business, we thank Simon for his enormous contribution and dedication over the last 35 years and wish him a happy and fulfilling retirement.”
Acquisition cash flow
Marsh and McLennan acquired broker Jardine Lloyd Thompson (JLT) in April last year – integration and restructuring costs around this at 2019’s year-end amounted to $229m for the Risk and Insurance Services division, according to the firm’s financial results published last month. This includes costs incurred for staff reductions, lease related exit costs and consulting costs.
Acquisition related costs, which reflects retention costs in the Risk and Insurance Services segment relating to the closing of the JLT transaction, were $97m at the end of 2019.
In terms of financing cash flows, acquisition-related derivative payments were recorded at a $337m loss at year-end, while investing cash flows in acquisitions was reported at a $5.5m loss.
Marsh JLT Specialty was a new specialty business created after the acquisition – this combined Marsh and JLT’s specialty teams.
Considering the global business, Marsh and McLennan reported a $16.7bn (£12.7bn) year-end revenue for 2019, reflecting an 11% increase since 2018. Operating income was recorded at $2.7bn, while adjusted operating income rose by 14% to reach $3.4bn.
Net income attributable to the company was $1.7bn for 2019, and earnings per share increased by 6% to be $3.41 - adjusted earnings per share were $4.66 compared to $4.35 in 2018.
Hanrahan added: “The advent of new technologies, geopolitical concerns, the need for carbon-efficient travel and the rising demand for greater global connectivity are just some of the major risk issues the global aviation sector now faces.
“By leveraging our unrivalled expertise, our clients can boost their resilience, manage these risks more effectively and continue to thrive. I look forward to leading our talented team of aviation risk and insurance specialists.”
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