Marsh and Guy Carpenter, the two subsidiaries of professional services firm Marsh & McLennan Companies (MMC), will merge their facultative reinsurance operations with Jardine Lloyd Thompson Group (JLT) in Latin America.

The combined business will operate under the brand name of Carpenter Marsh Fac Re.

The move follows the completion of the $5.6bn acquisition of JLT by MMC on 1 April this year.

Andrew Perry has been appointed as the CEO of the new Carpenter Marsh Fac Re. He is currently leader of Mercer Marsh Benefits (MMB).

Based in Miami, he will report to Dean Klisura, president of global placement at Marsh. He will also report to Ricardo Brockmann, CEO of Marsh Latin America and Caribbean.

Juan Carlos Gomez will serve as deputy CEO. At present, he is leader of Guy Carpenter’s office in Colombia. He will continue to work from Bogota and report to Perry.

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Guy Carpenter International CEO James Nash said: “By combining the facultative reinsurance offerings of Marsh and Guy Carpenter with those from JLT we will be able to offer insurers and insurance buyers a more efficient way to access global reinsurance markets.

“Carpenter Marsh Fac Re will offer an even wider range of cost-effective risk transfer solutions across LAC. I am excited to be leading a team of unrivalled talent that will deliver deeply specialized expertise across virtually every area of insurable risk.”

The deal is subject to receipt of regulatory approvals.