Reinsurance broker Guy Carpenter & Co. haslaunched Mutual Company Specialty Practice, which will provideunderwriting insight, portfolio management and predictive and riskmodeling solely for mutual insurance companies.
|“Mutual insurance companies are encountering a more competitivemarketplace while they seek to expand their businesses,” saidAndrew Marcell, managing director and chief executive officer ofU.S. operations at Guy Carpenter, in a statement.
|Guy Carpenter, which says it is the leading mutual insurancecompany broker in the U.S., lists competitive pressures,limitations on raising capital, changes in rating agency capitalmodels, the implementation of new regulatory and complianceguidelines such as the Own Risk and Solvency Assessment (ORSA), andincreased demands for actuarial services and technology-enabledmodeling as some of the challenges facing mutual insurerstoday.
|“The new practice provides solutions for all these concerns anddemonstrates Guy Carpenter's long-term commitment to thisdistinctive market,” said John Haldeman II, executive vicepresident of the Mutual Company Specialty Practice at GuyCarpenter, a member of Marsh & McLennan Cos. “The members ofour practice will provide an unparalleled depth and breadth ofknowledge about the market and deliver Guy Carpenter's full suiteof state-of-the-art products and solutions to clients who areseeking new avenues of growth and profitability.”
|To address ORSA adoption, the new practice allows customersaccess to its economic capital modeling service BenchmaRQ, andpartners with Guy Carpenter's Ratings Advisory team to ensure thatclients follow A.M. Best's Capital Adequacy Ratioguidelines.
|The specialty practice will utilize Guy Carpenter's account teamto add actuarial analysis and business intelligence advisement tothe client's modeling and data analysis. Finally, it offers GuyCarpenter's Umbrella and Property Facultative services and theRegional Accounts Program (RAP) that allows small to medium-sizedceding insurers to purchase reinsurance programs under competitiveagreements.
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