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Report: Marsh & McLennan mulling layoffs for UK Guy Carpenter, JLT Re staff

Marsh & McLennan Cos. Inc. has started a 45-day "redundancy consultation" involving the majority of U.K.-based Guy Carpenter & Co. LLC and former JLT Re staff to cut costs in its reinsurance businesses, Insurance Insider reported.

The facultative reinsurance, marine and nonmarine specialty teams, which are some of the largest groups, are reportedly in the crosshairs. The move to reduce staff comes on the heels of Marsh & McLennan's acquisition of Jardine Lloyd Thompson Group PLC.

A Guy Carpenter spokesperson confirmed to the Insider that it is looking at cutting headcount, though the process is in an early stage.