The head of JLT Re London North America Mark Higgins has resigned from the firm following its integration into Guy Carpenter’s operations in the wake of the landmark MMC takeover earlier this year, The Insurer can reveal.
In January, Guy Carpenter announced Higgins was to retain his title of head of London North America for JLT Re following the sweeping management restructure at the broker post-JLT deal.
He was set to report into Keith Harrison – the former CEO of UK & Europe at JLT Re – who this publication revealed in May had accepted a new role at Lockton Re.
It is not known at this stage where Higgins will re-emerge.
It is understood Higgins tendered his resignation earlier this month.
Higgins is the latest resignation from the reinsurance arm of the London-headquartered broker after The Insurer revealed last week that North American transportation head Horace “JJ” Mann Johnson had also left the firm.
In the wake of the MMC acquisition of JLT, several mid-sized reinsurance brokers have been looking to expand their platforms in the US, including TigerRisk, Beach and BMS.
Lockton Re is also making a push into the space following the high profile hire of Tim Gardner, Nick Durant and Glaude Yoder from Guy Carpenter in the US – as well as Harrison and other former JLT Re executives in London.
Although departures from JLT Re have mounted in the weeks following the deal, the number is likely to represent a relatively small percentage of the combined overall workforce.
As previously reported in The Insurer’s coverage, it was widely anticipated that in a transaction of that size there would be a flurry of executive exits.
As well as overlap that is natural in a large merger, there are also likely to have been executives that would not be seen as a cultural fit – potentially by both sides – leading to inevitable departures once the transaction completed and stay bonuses were paid.
Guy Carpenter declined to comment.