Daniel Glaser is named group president and chief operating officer of Marsh & McLennan Companies; Peter Zaffino is named CEO of Marsh; Alex Moczarski is named CEO of Guy Carpenter.
Guy Carpenter & Company today announced that it has been awarded the Wholly-Owned Foreign Enterprise (WOFE) broking license by the China Insurance Regulatory Commission (CIRC).
Peter Zaffino, President & CEO
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Not long ago, the primary responsibility of the reinsurance broker was the structuring and placement of reinsurance, the collection of claims and creating the legal documents for the reinsurance transaction. We were “transaction engineers” for the reinsurance placement on behalf of our clients. But times have changed, and it has dramatically altered the role of the reinsurance intermediary.
Peter Zaffino, President and CEO
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The global (re)insurance marketplace is confronted with challenges as the world continues to be challenged with the after-effects of the 2008 financial crisis. As risk-bearers sort through the aftermath and navigate the significant complexity and uncertainty that persists, we expect three broad macro trends to have a profound influence on global economic growth and on our industry: the volatility of economic growth, global tension between inflation and deflation and finding opportunities for (re)insurers to maximize returns during periods of volatility.
With 2009 coming to a close, this week we’re taking a look at the most popular stories of the year.
GC Podcast 01 — July 1 Renewals (Chris Klein): Guy Carpenter Global Head of Business Intelligence Christopher Klein discusses the July 1, 2009 reinsurance renewal in this new GC Capital Ideas podcast. Click the audio player below to listen to the interview, or download the interview in a file that will work with your iPod.
GC Podcast 03 — Casualty Catastrophe (David Lewin): David Lewin, Head of the European Casualty Specialty, discusses casualty catastrophes and Guy Carpenter’s innovative Casualty Cat model, developed in conjunction with Arium, Ltd., in this new GC Capital Ideas podcast. Click the audio player below to listen to the interview, or download the interview in a file that will work with your iPod.
Guy Carpenter & Company, LLC, the world’s leading risk and reinsurance specialist, announced that it has entered an agreement to buy all of the issued shares of the London-based reinsurance broker Rattner Mackenzie Limited (RML) from HCC Insurance Holdings, Inc. (HCC).
Peter Zaffino, President and CEO
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At this time last year, the reinsurance market was vastly different. A financial catastrophe and major hurricane occurred and changed the way (re)insurers viewed risk. As both events receded, our industry was left with profound uncertainty. More than being concerned about the direction of reinsurance rates at the January 1, 2009 renewal, carriers worried that a widespread capital shortage was imminent, impairing their abilities to assume and transfer risk. Despite the severity of the financial and natural catastrophes the reinsurance market proceeded in an orderly fashion, with property-catastrophe rates up 10 percent to 15 percent on average and other segments not significantly impacted.
Peter Zaffino, President and CEO
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Last year the conversations at Monte Carlo were driven by a mixture of factors. Reinsurance pricing was decreasing in response to the reduced loss activity. Capital was being returned to shareholders as reinsurers withdrew capacity rather than accept terms that did not meet their own internal hurdle rates. Concerns were growing about the implications of the unfolding global financial crisis and whether the problems that had affected the banks would have a material impact on the insurance and reinsurance industry.
Guy Carpenter & Company, LLC’s annual survey of the global property catastrophe reinsurance market, World Catastrophe Reinsurance Market 2009, finds reinsurance rates increasing by an average eight percent through the 2009 reinsurance renewals. The report states that the increase was largely a result of the financial crisis and its negative impact on reinsurers’ balance sheets, and exacerbated by Hurricanes Ike and Gustav. The study also concludes that little movement in reinsurance rates should be expected at the January 1, 2010 reinsurance renewal, barring a major property catastrophe or financial set back.
As Industry Rebounds from Financial Crisis, Disciplined Capital Management and Decision-Making Remain Paramount
Guy Carpenter & Company, LLC hosted a press briefing at Rendez-Vous in Monte-Carlo on September 5, 2009, focusing on the return of capital to the reinsurance market.
Brian Duperreault, President and Chief Executive Officer of Marsh & McLennan Companies, Inc., opened the briefing. Peter Zaffino, President and CEO of Guy Carpenter, then led a panel of Guy Carpenter executives that included Vice Chairman Richard Booth, Henry Keeling, President and CEO of International Operations, Chris Klein, Global Head of Business Intelligence and David Priebe, Chairman of Global Client Development.
