A federal judge in New York has granted reinsurance broker Guy Carpenter’s request for a temporary restraining order against three former executives who moved to competitor Lockton in March.
The TRO blocks the three executives from directly or indirectly soliciting Guy Carpenter employees or clients they have had contact with over the past two years and prohibits them from selling reinsurance products or services like those offered by Guy Carpenter. The TRO also blocks the three from disclosing or using any trade secrets.
The order restricts Tim Gardner, former CEO of North America Operations for Guy Carpenter; Claude Yoder, former managing director and global chief innovation and product development officer for Guy Carpenter; and Nick Durant, former managing director for Guy Carpenter.
Gardner is now CEO at Lockton Re, where Yoder and Durant are now partners.
Guy Carpenter wants the court to require them to uphold terms of restrictive covenant agreements they had signed.
In March, Lockton announced the hiring of the three to expand its reinsurance operations and form a new global reinsurance business, Lockton Global Re. This new global business team is based in New York and incorporates Lockton’s international specialty insurance team based in London as well as Lockton Re US and Lockton Re UK.
Lockton Expands Reinsurance Brokerage Globally; Hires 3 Guy Carpenter Executives
The TRO was signed by U.S. District Judge Paul Engelmayer on May 30. He set a hearing date for June 4. Lawyers for the three executives have requested until June 10.
Guy Carpenter is a unit of Marsh & McLennan, which on April 1 closed on its acquisition of Jardine Lloyd Thompson Group. The deal was first announced in September 2018.
In January, Guy Carpenter formed a new Global Capital Solutions Group and made a series of leadership appointments that were to become effective upon the closing of the JLT acquisition. They included Gardner continuing as CEO of Guy Carpenter North America.
On May 9, Guy Carpenter also announced a series of international leadership appointments to facilitate the integration of JLT.
Marsh/JLT is also suing a competitor insurance brokerage for allegedly poaching 13 former JLT employees. JLT has accused New York- based NFP Property and Casualty Services of “wrongly luring” the 13 employees away from JLT just days before the closing on the JLT acquisition. JLT is also separately suing four of the 13 employees, all of whom worked in JLT’s real estate practice in California.
Topics New York Legislation Reinsurance
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