Reinsurance broker Guy Carpenter & Co. has launched Mutual Company Specialty Practice, which will provide underwriting insight, portfolio management and predictive and risk modeling solely for mutual insurance companies.
“Mutual insurance companies are encountering a more competitive marketplace while they seek to expand their businesses,” said Andrew Marcell, managing director and chief executive officer of U.S. operations at Guy Carpenter, in a statement.
Guy Carpenter, which says it is the leading mutual insurance company broker in the U.S., lists competitive pressures, limitations on raising capital, changes in rating agency capital models, the implementation of new regulatory and compliance guidelines such as the Own Risk and Solvency Assessment (ORSA), and increased demands for actuarial services and technology-enabled modeling as some of the challenges facing mutual insurers today.
“The new practice provides solutions for all these concerns and demonstrates Guy Carpenter's long-term commitment to this distinctive market,” said John Haldeman II, executive vice president of the Mutual Company Specialty Practice at Guy Carpenter, a member of Marsh & McLennan Cos. “The members of our practice will provide an unparalleled depth and breadth of knowledge about the market and deliver Guy Carpenter's full suite of state-of-the-art products and solutions to clients who are seeking new avenues of growth and profitability.”
To address ORSA adoption, the new practice allows customers access to its economic capital modeling service BenchmaRQ, and partners with Guy Carpenter's Ratings Advisory team to ensure that clients follow A.M. Best's Capital Adequacy Ratio guidelines.
The specialty practice will utilize Guy Carpenter's account team to add actuarial analysis and business intelligence advisement to the client's modeling and data analysis. Finally, it offers Guy Carpenter's Umbrella and Property Facultative services and the Regional Accounts Program (RAP) that allows small to medium-sized ceding insurers to purchase reinsurance programs under competitive agreements.
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