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Friday, 4 November 2011

Corporate round-up

JLT combines with Marine & Aviation in Italy as expansion continues and David Batchelor appointed CEO of Marsh’s International Division.

Lloyd's building

JLT combines with Marine & Aviation in Italy as expansion continues

JLT intends to combine its Italian business with fellow Italian broker Marine & Aviation S.p.A after it signed a heads of agreement giving it a 25% interest in the newly formed joint venture.

As part of the transaction JLT will also acquire a 25% in Marine Aviation & General.

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Marine & Aviation S.p.A is one the oldest brokers in the Italian insurance market with offices in Italy and the UK. The company has industry expertise in Marine, Aviation, Reinsurance, Corporate clients, High Net Worth and Affinity.

Since 1993, the operation has also been a Lloyd's broker placing Italian wholesale and reinsurance business into the London Market. In total Marine & Aviation's operations generated net revenue of €9.5m in 2010 and produced a profit before taxation of €1m. The agreement remains subject to contract and any necessary regulatory approvals.

"This collaboration continues JLT's drive to build our international reach and relevance focusing on specialist areas where we have distinctive knowledge that wins competitive advantage for our clients. It is also consistent with our European Network strategy of taking strategic stakes in leading independent brokers and I see the combination of our businesses as creating a powerhouse in Italy, building further on our European Partnership with Siaci St Honore, GrECo and Ecclesia as a driving force in continental Europe,” said Dominic Burke, JLT Group CEO.

A further announcement will be made when contracts have been finalised. It is anticipated completion will take place towards the end of 2011.

David Batchelor appointed CEO of Marsh’s International Division

David Batchelor, currently CEO of Marsh’s EMEA region, has been appointed head of the broker’s international division with immediate effect.

Marsh’s international division comprises all of the broker’s operations outside North America including the EMEA region, Latin America and the Caribbean, Asia and the Pacific region.

Mr Batchelor will relocate to New York from London in early 2011 and will remain CEO of Marsh EMEA region through the rest of this year.

In his new role he will report to Peter Zaffino, President & CEO of Marsh Inc.

Commenting on the appointment, Mr Zaffino said: “Marsh’s International Division comprises an exciting, dynamic and diverse range of countries. With his deep expertise and broad global experience, I am delighted to have a leader such as David to guide our international business into a new era. With over 30 years in insurance and risk management consulting, David is respected and trusted by colleagues, clients and industry peers alike.”

Mr Batchelor began his career in 1976 with Bowring, which was acquired by Marsh & McLennan Companies in 1980. Since then, he held a variety of senior positions in the Asia-Pacific region, North America, Bermuda and Europe before returning to Hong Kong to lead Marsh's operations in Asia and was appointed CEO of the broader Asia-Pacific region in 2006. He took up his most recent responsibilities as CEO of Marsh's EMEA region in April 2008.

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