Aon's London relocation 'an irrelevance to us', says JLT boss

Aon’s relocation to London will be of no real consequence to the wider market, said the boss of JLT.

JLT chief executive Dominic Burke admitted he was confused about the real reason behind one of his main rivals’ decision to move to the English capital.

Burke also criticised Lloyd’s former strategy of setting up international hubs in Singapore, China and Japan.

Aon redomiciled to London from Chicago earlier this year and Marsh is said to be considering whether to follow suit.

Speaking at the release of the company’s half-yearly results, he said: “I’m confused as to why they are doing it. Is it tax or is it nearer to the Asian market?

“We are some 7,100 people, of which 2,000 are based here in London, so clearly it is a very strong foot hold for JLT.

“It is the greatest centre of intellectual capital insurance in the world and I think it will remain that way for a very long time whether Aon joins it or doesn’t. Chicago certainly wasn’t.

“I think for JLT it is an irrelevance, but if they are endorsing London as the epicentre of the insurance market then we worked that out a long time ago.”

While he backed Lloyd’s chairman John Nelson on his current strategy to bring international talent into the market, he said Lloyd’s previous plans to expand its global footprint was “flawed”.

“Those that protest Singapore is going to be a success, I don’t buy their argument,” he said.

“Clearly from a licensing perspective, China is important for both us and for Lloyd’s, so I support that, but what they are doing in Brazil I think is flawed, what they are doing in Japan in flawed – I don’t know why they don’t just give up and go home.

“We have one of the largest platforms in Asia as a specialty retailer. We don’t need Lloyd’s to be in Singapore – we can place that business very easily in London in terms of value and cost.”