Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist and part of the Marsh & McLennan Companies, was honored 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 CasCatTM model, which was developed in conjunction with risk modeling 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 17th 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.
Peter Zaffino, President & CEO of Guy Carpenter, stated “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, added “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 analyzing increasingly complex risk exposures.”