UK-based insurance and reinsurance business Jardine Lloyd Thompson (JLT) Group has announced plans to expand its US specialty capabilities, as well as merger of JLT Specialty and Lloyd & Partners.
The company plans to invest around £50m between 2015 and 2017, as part of the expansion plan in the US, which will cover sectors such as energy, construction, financial lines, credit, political and security and aerospace.
JLT said that it has taken the decision for expansion due to increased demand from clients and to create a dynamic platform for long-term growth in the insurance market.
The acquisition of brokerage organization Towers Watson Re in 2013 will also help in expanding US operations, according to JLT.
Michael Rice and Pat Donnelly have been appointed as CEO as president and deputy CEO of JLT Specialty Insurance Services respectively.
JLT Group CEO Dominic Burke said: "The expansion of JLT’s US specialty capability builds on the success we have had over recent years and is the next natural step in our evolution."
In addition, the company is merging JLT Specialty and Lloyd & Partners, in order to create a single specialty business of scale and distinctive capability.
Lloyd & Partners current CEO John Lloyd is appointed as CEO of JLT Specialty, while the current chairman of JLT Specialty Adrian Girling is being appointed as chairman of Lloyd & Partners, subject to the appropriate regulatory approvals.
The merger will be effective from 1 January 2015, for reporting purposes.
Image: Jardine Lloyd Thompson Group to merge JLT Specialty and Lloyd & Partners. Photo: courtesy of PinkBlue/ FreeDigitalPhotos.net.