While the US$5.6 billion proposed take over JLT (Jardin Lloyd Thompson) by the US-based broker Marsh & McClennan is set to be completed this spring, its aerospace division is going elsewhere. To assuage EU regulatory concern over competition specifically about the firm’s likely market dominance in airline insurance, the JLT aerospace division – including its space insurance broking operation – is instead now being purchased by the broking firm Gallaghers (Arthur J. Gallagher) for circa £190 million. The JLT aerospace division is headed by Peter Elson. The move involves 250 of JLT’s staff.
