Executive departures coincide with 'difficult but necessary' staff cuts

A statement issued by Guy Carpenter has confirmed a "strategic initiative" to lay off staff, coinciding with a number of senior executive departures.

Reports this month have said that Guy Carpenter, the reinsurance broking arm of Marsh & McLennan, is to make 350 of its workforce redundant.

The announcement of the job cuts comes less than two months after the departure of CEO, David Spiller. No reasons were given for his departure. He was replaced by Peter Zaffino, while Britt Newhouse was named chairman.

A statement from the company's US spokespeople said: "As part of a strategic initiative to better position Guy Carpenter for the future, the firm is implementing several organisational changes, including staff reductions in certain areas.

"This decision was difficult but necessary given current market conditions. Guy Carpenter will implement these changes as quickly and seamlessly as possible to maintain its high level of customer service.”

Mark Newman, one of the directors of Guy Carpenter's global facultative reinsurance broking operation, resigned earlier in April to take up a senior post at Lloyd’s (re)insurer Catlin. In November, Guy Carpenter replaced several members of its fac team after they were poached by rival Integro.