Marsh-JLT Specialty will be the new name for the combined global specialty business formed once Marsh & McLennan finalises the takeover of its London-based rival.

Not only has the name survived, but the New York-based broking giant has also decided its new specialty business will be led by executives from JLT.

London-based JLT Group CEO Dominic Burke will chair the new business, and JLT specialty CEO Lucy Clarke will become President. Mr Burke will also be Vice Chairman of Marsh & McLennan, as previously announced.

“It’s exciting to begin planning for the integration of Marsh and JLT,” Marsh President and CEO John Doyle said. “With the formation of Marsh-JLT Specialty, we will be well positioned to grow our specialty business through the combined value proposition of the two firms.”

Earlier this month JLT shareholders voted overwhelmingly in favour of the takeover, although the deal still remains subject to anti-trust and financial regulatory approvals.

“While our brand is Marsh, Marsh-JLT Specialty will leverage the exceptional reputations of both firms’ specialty units with clients that require specialised products and services,” Mr Doyle said.

The acquisition, announced in mid September, will create a global giant. In Australia the merged company will be the biggest insurance broker in the country.

JLT’s prime niche sectors in Australia include local government, while it is also a significant player in the corporate arena, where Marsh also is a major player.

The combined operation will give Marsh a particularly strong position among major insurance buyers, but market observers have noted that it remains to be seen how smoothly the deal is executed and whether key personnel will remain with the business.

At the global level, Ms Clarke will be directly responsible for Marsh-JLT Specialty energy, credit, marine, financial and professional, private equity and M&A, construction and aerospace. She will report to Mr Doyle and become a member of the Marsh executive committee.

In other appointments, JLT Group Deputy CEO Mark Drummond Brady will become Vice Chairman of Marsh, reporting to Mr Doyle.

Dean Klisura will be Marsh Global Placement President with responsibility for all lines within Marsh, including non-specialty.

Inquiries by insuranceNEWS.com.au on further local developments were referred back to the international level by Marsh and JLT spokespeople.