Marsh & McLennan Companies (MMC) is set to merge the specialty teams of Marsh and JLT into one combined specialty business, Marsh-JLT Specialty.

JLT Specialty CEO Lucy Clarke has been named president of the new unit, which will become effective upon completion of MMC’s previously announced £4.3bn acquisition of JLT.

Based in London, Clarke will be directly responsible for Marsh-JLT Specialty’s energy, credit, marine, financial and professional, private equity and M&A (PEMA), construction, and aerospace business worldwide, and will become a member of the Marsh executive committee.

In addition to becoming vice chairman of MMC and a member of the MMC executive committee, current JLT Group CEO Dominic Burke will assume the role of chairman of Marsh-JLT Specialty and will also continue to be based in London.

Meanwhile, Mark Drummond Brady, JLT deputy group CEO, will become vice chairman of Marsh, based in London. He will also become a member of the Marsh executive committee.

Dean Klisura will take on the position of president of Marsh Global Placement. In this capacity, he will be responsible for placement protocols and standards across all lines within Marsh. He will also lead the non-specialty placement operations of Marsh, including Bowring Marsh and existing multi-line placement hubs. Klisura will remain a member of the Marsh executive committee and will continue to be located in New York.

Clarke, Drummond Brady and Klisura will all report to John Doyle, president and CEO of Marsh.

Commenting on the formation of the new combined specialty business, Doyle said: “It’s exciting to begin planning for the integration of Marsh and JLT. 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,

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

Burke added: “I am proud of what JLT’s people, brand and experience can offer the specialty clients of Marsh and JLT, bringing together the best of our two firms. I look forward to working with Marsh colleagues on a successful integration and in leading this industry in exceptional client service and risk expertise through Marsh-JLT Specialty.”

Last week, MMC’s acquisition of JLT received approval from the target’s shareholders, taking the deal one step closer to completion, which is slated for spring 2019.