By James Thaler
June 10 - (The Insurer) - WTW’s new Bain-backed reinsurance venture has raided Guy Carpenter’s Bermuda office to hire senior team members, Bermuda-based reinsurance broking and underwriting sources told The Insurer on Tuesday.
Those set to leave Guy Carpenter Bermuda include CEO John Fletcher, the sources said, in another move by the new Willis group to hire staff from the Marsh McLennan-owned intermediary.
Spokespeople for WTW and Guy Carpenter both declined to comment.
The Insurer was the first to report on Monday that Guy Carpenter's London-based deputy CEO of global specialties and global head of marine and energy Jim Summers had resigned, alongside at least five senior members of his team, to join Willis Re.
Fletcher joined Guy Carpenter in 1988 and has worked exclusively for the firm, having been based in Bermuda since 2013.
WTW confirmed in December that it was re-entering treaty reinsurance broking through a joint venture with private equity group Bain Capital.
Sources said in September that it was likely WTW would hold a meaningful minority stake in the joint venture and effectively rent out its brand. By holding a minority stake in a joint venture-style partnership, WTW would not be required to disclose costs associated with the build-out in its quarterly results.
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