The combined reinsurance brokerage unit created by Jardine Lloyd Thompson’s (JLT) acquisition of the Towers Watson reinsurance brokerage division, JLT Towers Re, has officially launched this week.
The launch follows receipt of the necessary regulatory approvals to complete the acquisition, which sees Towers Watson’s established North American and London Market reinsurance broking businesses with JLT Re’s international reinsurance operations and brand.
Alastair Speare-Cole, CEO of JLT Towers Re, commented on the launch; “I am delighted to welcome the Towers Watson team and their clients to JLT Towers Re. The culture of the two companies has been built around understanding client needs and meeting these needs with insight, deep analytical skills and effective execution. Today marks the creation of a formidable new force that will restore client choice to the reinsurance market, retain and attract the very best talent and win market share.
Ross Howard, Executive Chairman of JLT Towers Re, added; “The response from clients and insurance markets to the news of this transaction has been very positive. JLT is committed to investing in the business to enhance JLT Towers Re’s client proposition and drive growth, as it has done successfully across the rest of the JLT Group in recent years. This provides an exciting future for our clients and our people.”
The other item of interest to note is that the Towers Watson Capital Markets (TWCM) team is part of the acquisition; however the final move across to become part of JLT Group is still awaiting final regulatory approval.
Alastair Speare-Cole told Artemis; “Part of the acquisition agreement is to purchase the TWCM team, which will become part of JLT Group, subject to regulatory approval. The newly formed capital markets group will be named Jardine Lloyd Thompson Capital Markets, Inc.”