JLT is preparing to reduce its facultative energy team having put a number of the team into consultation. It has been reported that the team will reduce from 12 members to 5. The team has to look at cost cutting having been exposed to losses in business and pressures in the market as a whole.
Jeremy Colletta is presently the head of the unit which places both upstream and downstream energy. Pressures in the market have been caused by a reduced demand for oil, compressing global prices; this has led to a reduction in the top line by more than 50%.
A JLT spokesperson said, “JLT Re has a very strong and growing facultative offering comprising some 35+ people. Given the environment in the energy facultative space we have made some changes to ensure that we are focused on the needs and requirements of our clients and markets."
It is also reported that JLT will work with the team to find roles for those who have been made redundant.