Insight and Intelligence on (Re)insurance Convergence with the Capital Markets

24 May 2013

ICAP-JLT closes joint venture firm

15 September 2009

Disappointing trading volumes in the brave new world of insurance-linked derivatives have pushed the world's largest interdealer broker ICAP plc and insurance intermediary JLT to close their joint venture vehicle, ICAP-JLT Ltd.

In a letter to customers on 1 September, ICAP-JLT cited "current market conditions" for the immediate closure of the stand-alone cat swap broking desk, which was established in 2007 by directors Jeff Gale, Robert Turner and Jonty Camsey.

As part of a restructuring, the firms will continue to...

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