JLT has made a strong start to the year, according to a trading update at the international broker’s AGM.

This is despite a difficult trading environment created by “rating pressure, lacklustre economic growth, and weak energy and commodity prices”.

JLT anticipates exceptional costs of £34 million ($64.87 million), reflecting the £22 million ($41.98 million) legal settlement with Willis, as previously reported by insuranceNEWS.com.au (see earlier story) and the £12 million ($22.9 million) restructuring cost for the UK employee benefits business.

“We believe the group remains on track to achieve its business and financial objectives [this year], despite the headwinds that are now anticipated to persist through the year,” the company says. “The group remains well funded and its financial position, including cashflow, continues to be strong.”

JLT has also announced a series of management changes.

Richard Harvey retires as non-executive director at the end of this year, and will return to New Zealand. He has held the role since December 2009, and has been chairman of the remuneration committee since April 2012.

Bruce Carnegie-Brown will join the board as a non-executive director this week and will take over as chairman of the remuneration committee.

Group Commercial Director James Twining will leave after six years, and will not be replaced.

Michael Rice, CEO of JLT’s US specialty unit, will join the group executive committee, reflecting the business’ “strategic importance”. 

William Nabarro, who recently rejoined the group as Special Adviser to the Group CEO, will join the group executive committee.