Marsh & McLennan-owned broking firm Jardine Lloyd Thompson (JLT) and Hyperion Insurance Group have reached a confidential settlement over poaching of employees.
The settlement of the lawsuit is related to the movement of 47 staff from JLT Specialty to Hyperion.
A lawsuit between the two firms has been settled for an undisclosed sum, according to the two companies.
The statement reads: “JLT and Hyperion have reached a confidential settlement of the lawsuit initiated by JLT in relation to those employees from JLT who have left to join Hyperion.
“As part of the settlement, the parties have agreed that the relevant employees will continue to be bound by their obligations to JLT, including their notice periods and post-termination restrictive covenants.”
JLT’s 47 employees moved to competitor Hyperion only months after the former was acquired by Marsh & McLennan.
Marsh & McLennan Companies (MMC) completed the acquisition of JLT for £4.3bn in April 2019.
Among the employees who moved to Hyperion include JLT’s financial lines group’s global specialty head Mark Wood, senior brokers including Sarah Hughes and Adam Codrington in May 2019.