Marsh & McLennan Cos. Inc. unit Guy Carpenter & Co. LLC has secured a temporary restraining order against three of its former executives who moved to its competitor.
Lockton Inc. hired Tim Gardner, Claude Yoder and Nick Durant to lead its new reinsurance business Lockton Global Re. Gardner previously was CEO for North America operations at Guy Carpenter. Yoder was the managing director and global chief innovation and product development officer, while Durant was a managing director. The Insurance Journal reported that Gardner was appointed CEO at Lockton Re, while Yoder and Durant became partners.
The temporary restraining order will prevent the three executives from directly or indirectly soliciting Guy Carpenter and Marsh & McLennan employees or Guy Carpenter clients they came into contact with during the past two years.
The executives are also prohibited from selling reinsurance products or services similar to what they sold or provided when they were working at Guy Carpenter and from disclosing or using confidential information or trade secrets, according to the court order signed by Judge Paul Engelmayer of the United States District Court for the Southern District of New York.
In May, the Insurance Journal reported that another Marsh & McLennan subsidiary, JLT Specialty Insurance Services Inc., sued NFP Property & Casualty Services Inc. for "wrongly luring" former employees.
"We look forward to the opportunity to contest the allegations made by Guy Carpenter," a Lockton spokesperson said in an emailed statement.