The Chief Executive Officer of reinsurance broker JLT Re has departed the firm, leaving a gap which has been filled by Ross Howard, Chairman of the firm, who has also been lined up to become Vice Chairman of Guy Carpenter, once the JLT acquisition by Marsh & McLennan (MMC) has been completed.
Mike Reynolds had joined the reinsurance broker in 2012 as Group Finance Director, becoming Global CEO, JLT Re in September 2014. He had previously worked as CFO of ACE European Group Limited and Aon Benfield.
With JLT Group being acquired by broking and advisory giant Marsh & McLennan Companies, Inc., it is perhaps the case that a role that suited Reynolds could not be found at the combined entity and as a result he has decided to depart, with immediate effect.
Dominic Burke, Group Chief Executive of JLT said, “On behalf of everyone at JLT, I should like to thank Mike for the enormous contribution he has made as CEO of JLT Re, and wish him the very best for the future.”
Because of the departure of Reynolds as CEO, JLT Re’s Chairman Ross Howard has now been named as Global CEO of the reinsurance broker, set to steer the company through the integration and towards the expected Spring 2019 completion of the acquisition by MMC.
Once that acquisition is closed, Howard will become Vice Chairman of Guy Carpenter, reporting to President & CEO Peter Hearn and will also join Guy Carpenter’s Executive Committee.
Howard will be responsible for generating new business opportunities, developing client relationships and continuing the growth of the combined global reinsurance broking business. He will also play a key role in the integration of JLT Re with Guy Carpenter, the company said.
“We are very excited to take the first steps in bringing together these two great reinsurance businesses. I have known Ross in the market over the years and believe he will play a pivotal role in the success of the combined organization, driving growth and global collaboration, while further differentiating our client value proposition,” Peter Hearn, President & CEO of Guy Carpenter said. “I am very pleased to welcome Ross to our leadership team.”
“I am delighted at the prospect of joining Guy Carpenter’s industry-leading executive team and look forward to adding a complementary perspective and diversity of thought that will deliver greater value and profitable growth to clients,” added Howard.