Guy Carpenter & Company, LLC announced that its CasCat® model has been named “Insurance Initiative of the Year” at the Insurance Day 2010 London Market Awards. The annual awards, presented December 2 at London’s Grosvenor House Hotel, are selected by a distinguished panel of independent judges and recognize outstanding work in the London (re)insurance market.
The industry’s first casualty catastrophe model, CasCat is a new approach to liability risk management based on an integrated evaluation of an entire casualty portfolio. Developed in conjunction with risk modeling specialist Arium, CasCat supports Guy Carpenter’s casualty advisory services and enables insurers to adopt a proactive approach to evaluating catastrophe exposure and measuring the potential impact of a given scenario.
Bill Kennedy, Global CEO of Analytics, Capital Markets, Specialty Practices and Advisory, stated “We are extremely honored to receive this award from Insurance Day. Guy Carpenter is committed to delivering innovation, quality and high standards of service to our clients, helping them create long-term value for their business. CasCat is yet another example of the ways in which we design value-added, integrated solutions that meet our clients’ risk and capital management needs.”
Don Mango, Head of Global Advisory, added “The rise in frequency and severity of casualty catastrophes is symptomatic of an increasingly complex business environment driving greater exposure accumulations. Guy Carpenter’s casualty advisors use CasCat to help clients effectively analyze and manage these exposures. This award is a tremendous endorsement of the ways in which Guy Carpenter helps our clients unlock the mysteries of casualty risk.”