Guy Carpenter Earns Top Honors at Worldwide Reinsurance Awards for Creative Solutions and Market Innovation

Published on Thursday, 09 September 2010 02:04 Written by TradersHuddle Staff

LONDON-( Business Wire )-

Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist and part of the Marsh & McLennan Companies (NYSE: MMC), was honored last night with two major accolades at The Review magazine’s prestigious Worldwide Reinsurance Awards 2010. For the fourth consecutive year, Guy Carpenter won the award for “Reinsurance Broking Team of the Year” as well as the coveted “Re/Insurance Initiative of the Year” award for developing CasCat®, the insurance industry’s first casualty catastrophe model.

Guy Carpenter’s Middle East, North Africa (MENA) team was unanimously voted the Reinsurance Broking Team of the Year for its development of a groundbreaking reinsurance program in the Middle East. This program represents a major advancement in long-term risk management strategy for the region and exemplifies the extraordinary ability and dedication of Guy Carpenter’s reinsurance broking teams to precisely meet the unique demands of its clients around the world.

The second award was presented to Guy Carpenter in recognition of another groundbreaking achievement: the CasCat™ model, which was developed in conjunction with risk modelling specialists Arium and uses their proprietary software. The first of its kind, Guy Carpenter’s casualty catastrophe model enables insurers to adopt a proactive approach to the management of catastrophe risk in their casualty portfolio, providing a vital information processing platform without which a fully probabilistic cat model cannot be achieved.

The program created by Guy Carpenter’s MENA team was hailed by the judging panel as “a great step forward” for the MENA region, with one judge describing the “very innovative” project as a “vital development” for the market.

The judges also stated that the updated CasCat model was a “long awaited enhancement and addition to the industry” and agreed that “when the next casualty crisis hits, the model would play an important role in helping to define the market leaders.”

The Review celebrated the 17^th year of its annual awards program with a well-attended gala awards ceremony at The Dorchester in London. A distinguished, independent panel of industry leaders and experts selected the winners in a range of categories for professional excellence and outstanding industry achievement.

QUOTES

Peter Zaffino, President & CEO, Guy Carpenter & Company, LLC

“We are extremely pleased to receive these two awards, as they go to the core of what we do best at Guy Carpenter – delivering solutions that our clients value most, supported by our ability to develop analytical tools that help them manage risk in an increasingly complex industry. We are proud of the MENA and CasCat teams for achieving this level of recognition not just for their contributions and hard work, but also for their innovation and creativity in driving solutions for our clients.”

Ruth Lythe, Editor, The Review

“The awards brought to light how much the industry values Guy Carpenter’s ability to innovate and develop creative risk management solutions for clients and much-needed tools for analysing increasingly complex risk exposures.”

TAGS/KEYWORDS

Guy Carpenter, The Review, Worldwide Reinsurance Awards, CasCat, casualty catastrophe, cat model, reinsurance broking, re/insurance initiative, Middle East, North Africa, Zaffino, Lythe

About Guy Carpenter

Guy Carpenter & Company, LLC is the world’s leading risk and reinsurance specialist and a part of the Marsh & McLennan Companies. With over 50 offices worldwide, Guy Carpenter creates and executes reinsurance solutions and delivers capital market solutions* for clients across the globe. The firm’s full breadth of services includes line of business expertise in Agriculture; Aviation; Casualty Clash; Construction and Engineering; Excess and Umbrella; Life, Accident and Health; Marine; Medical Professional Liability; Political Risk and Trade Credit; Professional Liability; Property; Retrocessional Reinsurance; Surety; Terrorism and Workers Compensation. GCFac® is Guy Carpenter’s dedicated global facultative reinsurance unit that provides placement strategies, timely market access and centralized management of facultative reinsurance solutions. In addition, Guy Carpenter’s analytics unit utilizes industry-leading quantitative skills and modeling tools that optimize the reinsurance decision-making process and help make the firm’s clients more successful. Guy Carpenter’s website address is www.guycarp.com.

Guy Carpenter’s intellectual capital website, www.GCCapitalIdeas.com, leverages blog technology, including Real Simple Syndication (RSS) feeds and searchable category tags, to deliver Guy Carpenter’s latest research as soon as it is posted. In addition, articles can be delivered directly to BlackBerrys and other handheld devices.

* Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., a US registered broker-dealer and member FINRA/SIPC. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Securities or investments, as applicable, are offered in the European Union by GC Securities, a division of MMC Securities (Europe) Ltd., which is authorized and regulated by the Financial Services Authority. Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC. MMC Securities Corp., MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies. This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product.

Guy CarpenterJennifer Ainslie, 44.207.357.2058jennifer.ainslie@guycarp.comorGuy CarpenterAlexis Levenson, 1.917.937.3264alexis.levenson@guycarp.comorDeMartine GroupKaren DeMartine, This e-mail address is being protected from spambots. You need JavaScript enabled to view it.