Broker Jardine Lloyd Thompson is to create a specialist insurance operation after rebranding Jardine Lloyd Thompson Limited (JLTL) to JLT Specialty Limited.
As part of the new plans Jonathan Palmer-Brown will become chairman with effect from 1 October with Martin Hiller, as CEO of JLT Specialty.
In a statement announcing the move the broker said: “JLT has invested considerable amounts in these sectors in recent years, establishing a strong and growing reputation for providing clients with unique and innovative risk management solutions. This change of name to JLT Specialty underlines the highly specialised services provided to clients and the depth of expertise and experience available to each individual client.”
The firm’s aerospace capabilities will form part of JLT Specialty, transferring from JLT Reinsurance Brokers Limited. At the same time, a number of JLTLwholesale activities previously handled within the Energy Division will transfer to Lloyd & Partners Limited.
“This will consolidate our leading position in various disciplines and brings further clarity and focus for our clients and intermediaries,” it added.
The group said that subject to the regulatory approval the name change and reorganisation will take effect on 1 January 2011.
Jardine Lloyd Thompson Group CEO Dominic Burke said: “This is a very important further development of our specialty capabilities and will help demonstrate our scale and ability to provide solutions to the complex demands of the world's leading companies in our chosen areas of specialism. I am delighted that Jonathan is to become Chairman; he has many years' experience at the highest levels within the insurance industry. Martin and Jonathan will form a formidable partnership as JLT Specialty continues to grow and build existing specialties and expand into new industry segments".
Mr Palmer-Brown added: "Since joining JLT earlier this year, it has become clear to me that there is a very dynamic and experienced team operating in a much more focused and flexible environment than many of our major competitors.
“Our clients and colleagues recognise JLT's ability to take important decisions professionally and quickly, which is most refreshing. There is tremendous opportunity for this organisation to continue growing, particularly as the environment is suitable for attracting top quality staff and we are well supported by our strong shareholder base".