Marsh & McLennan Companies (MMC) has wrapped the acquisition of Jardine Lloyd Thompson Group (JLT) for $5.6bn in fully diluted equity value.
The acquisition, first announced in September last year, is expected to boost MMC’s position in insurance and reinsurance brokerage, health and retirement.
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MMC president and CEO Dan Glaser said: “Today marks the beginning of a new era with Marsh & McLennan and JLT coming together. This is a combination of strength and strength, and the primary focus is growth – in talent, capabilities, revenue and earnings.”
The combined entity offers advice and solutions for more than $100bn of annual property/casualty insurance and reinsurance premiums placed globally.
As part of the deal, more than 10,000 employees of JLT have joined MCC.
Furthermore, many JLT top executives have been named to leadership positions at Marsh & McLennan, Marsh, Guy Carpenter and Mercer.
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By GlobalDataFormer JLT CEO Dominic Burke has joined MMC as vice chairman and also added to its Executive Committee.
“Our aspiration is to shape our industries and be the employer of choice,” Glaser added.
MMC said that the deal is part of its strategy to expand in faster-growing regions and market segments and invest in data and analytics.
Currently, MMC’s global reach spans more than 130 countries.
The deal was approved by 99.9% of JLT’s shareholders in November last year.
Earlier, in October, MMC obtained the nod of the US Federal Trade Commission (FTC) to go ahead with its planned acquisition of JLT.
