Former Marsh chief Hammond joins Alexander Forbes
The head of Marsh's UK business Bruce Carnegie-Brown is to quit the broker, it was revealed this week.
It is understood that Carnegie-Brown, a former banker, faced unprecedented pressure from the broking giant's board of directors to achieve tough financial targets.
One source said: “There's been a lot of pressure on Bruce, he has been extremely morose recently.
As the saying goes, if you can't stand the heat get out of the kitchen.”
Another source said: “Bruce has seen Marsh through some tough times and the gratitude wasn't there, there has just been more targets to achieve.”
It is unclear whether Carnegie-Brown will return to banking, or stay in the insurance industry. He is expected to stay at Marsh for the next few weeks.
Carnegie-Brown steered Marsh's UK operations through turbulent times when the broker came under investigation from New York attorney general Eliot Spitzer. The probe forced Marsh to scrutinise every aspect of the broker/
As a result he was promoted to president and chief executive of Marsh's Europe and Middle East operations.
Alex Moczarski has been named as Carnegie- Brown's replacement. He will take responsibility of the broker's Europe, Middle East and Africa operations as president and chief executive.
Former JLT Risk Solutions chief executive Mike Hammond has been named as the new deputy chairman of Alexander Forbes International Risk Services (AFIRS).
Hammond, who was Carnegie-Brown's predecessor at Marsh, succeeds John Percy Davis, who steps down from the position in September.
Hammond left JLT Risk Solutions in December after being overlooked for the role of JLT Group chief executive in favour of Dominic Burke.
Percy Davis remains an AFIRS executive director.