LONDON (Bloomberg) ? The Bermuda subsidiary of insurance broker Jardine Lloyd Thompson Plc will become part of wholesale broker Lloyd & Partners under a reorganisation of the company aimed at fuelling international growth.

Jardine Lloyd, the UK's second biggest publicly traded insurance broker, also named a new international chairman.

The company will merge its two specialist broker units, JLT Risk Solutions and Agnew Higgins Pickering, to form a new specialist broker, the London-based company said. Its reinsurance operations at Agnew Higgins will also transfer to its JLT Re unit. Jardine Lloyd named JLT Risk Solutions chairman Mark Drummond Brady as international chairman.

"We will be able to retain and build on our very strong position in the London and international markets," said chief executive officer Dominic Burke in the statement.

Jardine Lloyd said in September it agreed to sell its US employee benefits and property and casualty unit to Alliant Resources Group Inc. for $100 million. It has cut costs to compete with the UK's Benfield Plc and larger US brokers Aon Corp. and Marsh & McLennan Cos.

Under the overhaul, the new specialist broker will be named Jardine Lloyd Thompson Ltd. Agnew Higgins Pickering CEO Andrew Agnew was named chairman of the unit, and Drummond Brady becomes deputy chairman. JLT Risk managing director Martin Hiller was named CEO of the unit.

Jardine Lloyd's reinsurance chief executive Alan Griffin will retain his position, the company said.

The overhaul leaves the company with two broker operations, its new specialist unit and its wholesale broker Lloyd & Partners, which will focus on the London, European and Bermudian insurance markets and become responsible for the company's broking unit in Bermuda.

Jardine Lloyd's Latin American, Canadian and Asia-Pacific operations as well as its employee-benefits operations are unchanged under the reorganisation today.

Agnew and Lloyd & Partners chairman and chief executive John Lloyd were both promoted to the company's management committee, Jardine also said. Subject to regulatory approval, the changes will take effect at the beginning of next year, the company said.

Jardine Lloyd's first-half profit fell 2.5 percent to ?32.9 million, it said last month, citing increased competition and fee pressure.