Η Guy Carpenter ολοκληρώνει την εξαγορά της Carpenter Turner
Η Guy Carpenter, ηγέτιδα εταιρεία με διεθνή παρουσία και εξειδίκευση στον τομέα διαχείρισης κινδύνων και αντασφαλίσεων, μέλος του ομίλου Marsh McLennan (NYSE: MMC), σε συνέχεια προηγούμενης σχετικής ενημέρωσης, ανακοινώνει την ολοκλήρωση της εξαγοράς του υπόλοιπου ποσοστού 51,5% των μετοχών της Carpenter Turner εταιρεία με έδρα την Αθήνα και ηγετική παρουσία στο χώρο της αντασφαλιστικής διαμεσολάβησης και της παροχής συμβουλευτικών υπηρεσιών.
Με άμεση ισχύ, ο Διευθύνων Σύμβουλος της Carpenter Turner, Alexander Turner, αναλαμβάνει καθήκοντα ως Διευθύνων Σύμβουλος της Guy Carpenter Greece, και θα αναφέρεται στον Julian Enoizi, Διευθύνοντα Σύμβουλο της Guy Carpenter Europe.
Πλέον, υπό την ονομασία Guy Carpenter Greece, η νέα ενιαία εταιρική οντότητα θα παρέχει ένα ολοκληρωμένο χαρτοφυλάκιο δυνατοτήτων, λύσεων και συμβουλευτικών υπηρεσιών – συμπεριλαμβανομένων της συμβατικής και προαιρετικής αντασφάλισης, κορυφαίες λύσεις ανάλυσης δεδομένων, στρατηγική συμβουλευτική και λύσεις για αγορές κεφαλαίου – σε πελάτες στην ελληνική και κυπριακή αγορά όπως επίσης στα Βαλκάνια και στην Τουρκία.
Guy Carpenter – Strong reinsurer appetite drives excess property catastrophe capacity at January 1
According to Guy Carpenter, a leading global risk and reinsurance specialist and a business of Marsh McLennan (NYSE: MMC), non-loss-impacted property catastrophe renewals saw notable risk-adjusted reinsurance rate reductions of 5% to 15% at January 1. However, there was a range of pricing outcomes that varied by region, attachment point and reinsurer views of price adequacy.
Property catastrophe renewals were consistently oversubscribed as reinsurer appetite increased by 10% to 15%, while we estimate demand only increased by approximately 5%. Rate reductions and additional capacity reflect strong reinsurer appetite driven by:
Another profitable year in 2024, featuring projected average reinsurer returns on equity of 17.3%1,
Total dedicated reinsurance capital2 increasing by 6.9% to $607 billion,
Continued reinsurer discipline around property catastrophe program attachment points and pricing, and
Meaningful cedent actions to improve underlying portfolio profitability (rate improvement, limit management and disciplined risk selection).
“It is critical that reinsurers take a long-term view and are constructive partners for our clients,” said Dean Klisura, President & CEO of Guy Carpenter. “Renewal outcomes at year-end reflect reinsurers’ positive property experience over the last two years and casualty portfolios that are well-positioned for future profitability.”
Attachment points have significantly affected reinsurer results. In 2024, global industry catastrophe losses reached nearly $130 billion, with the estimated reinsured share of these losses falling to 14%, down from the pre-2023 average of 20%. Given the increased catastrophe attachment points of recent renewals, supplemental purchases, such as frequency protection and other retention buydown options, play an important role in bringing balance to the market and ensuring reinsurance is impactful on cedent capital and volatility management.
In contrast to the broader property catastrophe market, loss-impacted layers saw adequate capacity with risk-adjusted rates from flat to 30% increases in regions such as the US, Europe and Canada.
Activity in the 144A catastrophe bond market remained robust at year end, with 67 different catastrophe bonds brought to the market for approximately $17 billion in limit placed in 2024.
Although casualty reinsurance programs were an area of market concern, year-end renewals were completed with varying outcomes. Proportional casualty structures generally experienced ceding commissions that were flat to slightly down. However, excess of loss general liability and excess/umbrella placements continued to face pressure on treaty terms. Like with property catastrophe programs, cedents considered the value of casualty reinsurance by weighing cost and structure options.
Clients provided additional claims, rate, and exposure data. This increased transparency helped distinguish client portfolios and allowed reinsurers to gain comfort with treaty terms.
The cyber reinsurance market remained dynamic and innovative, with buyers exploring a range of blended solutions, from pro rata to event excess of loss and aggregate stop loss structures.
Overall, cedants continue to manage reinsurer partnerships holistically – trading across product lines and treaties. This is critical in the current environment where market conditions vary across property and casualty lines.
Reinsurance market data charts are available on Guy Carpenter’s Renewal Resource Center.
Guy Carpenter to acquire leading Athens-based reinsurance broker Carpenter Turner
Guy Carpenter, a leading global risk and reinsurance specialist and a business of Marsh McLennan (NYSE: MMC), announced that it has entered into an agreement to acquire the remaining 51.5% of shares of Carpenter Turner, an Athens-based regional leader in the reinsurance broking and advisory business. Terms of the transaction, which is expected to close before the end of the year, were not disclosed.
As part of the transaction, Carpenter Turner’s CEO, Alexander Turner, will become CEO of Guy Carpenter Greece reporting to Julian Enoizi, CEO, Guy Carpenter Europe. Mr. Turner will be responsible for leading all of the firm’s reinsurance business in Greece and Cyprus, and will closely collaborate locally with Marsh McLennan’s other businesses, including Marsh, Mercer, and Oliver Wyman, to support clients.
Commenting on the transaction, Dean Klisura, President & CEO of Guy Carpenter, said: “Following our successful joint venture launch 11 years ago, our acquisition of the remaining shares in Carpenter Turner is an exciting milestone for our colleagues and clients alike. The combined business will enable us to deliver market-leading solutions and further signals our ongoing commitment to investing in Southern Europe. We’re excited to leverage this powerful combination of our fully integrated resources and expertise as one firm and look forward to continuing to support our clients’ needs.”
Mr. Turner added: “This transaction is a natural evolution of the excellent relationship we have always had with Guy Carpenter. Our team will now have access to unrivalled risk and reinsurance services and solutions, as well as a global network than can support our further growth ambitions. I look forward to collaborating with our clients, and addressing their risk challenges with innovative solutions and unparalleled insights.”
Established in 2013, Carpenter Turner is a joint venture between local management and Guy Carpenter. With deep reinsurance experience in the Greek and Cypriot markets, as well as a sizeable presence in the Balkans and Turkey, the joint venture has brought together the significant regional knowledge and expertise of the Greek team with Guy Carpenter’s extensive analytical resources and access to international markets.
On completion, Carpenter Turner will operate as Guy Carpenter Greece. The combined entity will deliver Guy Carpenter’s comprehensive range of global capabilities, solutions, and advice, including treaty and facultative reinsurance, industry-leading data and analytics, strategic advisory, and capital markets solutions.
Η Guy Carpenter εξαγοράζει την ηγέτιδα μεσιτική εταιρεία αντασφαλίσεων Carpenter Turner που εδρεύει στην Αθήνα
Η Guy Carpenter, ηγέτιδα εταιρεία με διεθνή παρουσία και εξειδίκευση στον τομέα διαχείρισης κινδύνων και αντασφαλίσεων, μέλος του ομίλου Marsh McLennan (NYSE: MMC), ανακοινώνει τη σύναψη συμφωνίας εξαγοράς του υπόλοιπου ποσοστού 51,5% των μετοχών της Carpenter Turner, εταιρεία με έδρα την Αθήνα και ηγετική παρουσία στο χώρο της αντασφαλιστικής διαμεσολάβησης και της παροχής συμβουλευτικών υπηρεσιών. Οι όροι της συναλλαγής δεν έχουν γνωστοποιηθεί και αναμένεται να οριστικοποιηθούν έως το τέλος του έτους. Στο πλαίσιο της συναλλαγής, ο Διευθύνων Σύμβουλος της Carpenter Turner, Alexander Turner, θα αναλάβει καθήκοντα ως Διευθύνων Σύμβουλος της Guy Carpenter Greece και θα αναφέρεται στον Julian Enoizi, Διευθύνοντα Σύμβουλο της Guy Carpenter Europe. Ο κ. Turner θα έχει την ευθύνη όλων των επιχειρηματικών αντασφαλιστικών δραστηριοτήτων της εταιρείας στην Ελλάδα και στην Κύπρο και θα συνεργάζεται στενά σε τοπικό επίπεδο με τις άλλες επιχειρήσεις του ομίλου Marsh McLennan συμπεριλαμβανομένων των Marsh, Mercer και Oliver Wyman, για την εξυπηρέτηση όλων των πελατών. Σχολιάζοντας τη συναλλαγή, ο Dean Klisura, Πρόεδρος και Διευθύνων Σύμβουλος της Guy Carpenter, ανέφερε: «Μετά από μια πορεία 11 ετών επιτυχούς συνεργασίας, η εξαγορά από μέρους μας των υπόλοιπων μετοχών της Carpenter Turner αποτελεί ένα σημαντικό ορόσημο τόσο για εμάς όσο και για τους πελάτες μας. Η ενιαία δυναμική που αποκτά πλέον η εταιρεία θα μας δώσει τη δυνατότητα να προσφέρουμε κορυφαίες λύσεις στην αγορά, ενώ παράλληλα ευθυγραμμίζεται και με τη διαρκή δέσμευσή μας για επενδύσεις στη Νότια Ευρώπη. Μας ενθουσιάζει το γεγονός ότι στο εξής θα έχουμε τη δυνατότητα να αξιοποιούμε ενιαίους πόρους και εμπειρία, ως μία εταιρεία πλέον, και προσβλέπουμε στη συνέχιση της υποστήριξης των αναγκών των πελατών μας». Ο κ. Turner πρόσθεσε: «Αυτή η συναλλαγή αποτελεί φυσική εξέλιξη της άριστης σχέσης που πάντα είχαμε με την εταιρεία Guy Carpenter. Η ομάδα μας θα έχει τώρα πρόσβαση σε ασυναγώνιστες υπηρεσίες και λύσεις διαχείρισης κινδύνου και αντασφάλισης, καθώς και σε ένα παγκόσμιο δίκτυο που μπορεί να υποστηρίξει τα φιλόδοξα σχέδιά μας για περαιτέρω ανάπτυξη. Προσβλέπουμε σε μια αγαστή συνεργασία με τους πελάτες μας, ώστε από κοινού να αντιμετωπίσουμε τις προκλήσεις τους με καινοτόμες λύσεις και την απαράμιλλα βαθιά γνώση του αντικειμένου μας.» Από την ίδρυσή της το 2013, η Carpenter Turner είναι μια κοινοπραξία μεταξύ της τοπικής διοίκησης και της Guy Carpenter. Με μεγάλη εμπειρία στον χώρο της αντασφάλισης στην ελληνική και κυπριακή αγορά, και ισχυρή παρουσία στα Βαλκάνια και την Τουρκία, η κοινοπραξία συνδύαζε τη μεγάλη γνώση και εμπειρία της ελληνικής ομάδας, με τους εκτενείς πόρους ανάλυσης και την πρόσβαση στις διεθνείς αγορές της Guy Carpenter. Με την ολοκλήρωση της συμφωνίας, η εταιρεία Carpenter Turner θα λειτουργεί με την επωνυμία Guy Carpenter Greece. Η ενιαία αυτή εταιρική οντότητα θα παρέχει ένα ολοκληρωμένο χαρτοφυλάκιο δυνατοτήτων, λύσεων και συμβουλευτικών υπηρεσιών της Guy Carpenter, συμπεριλαμβανομένων της συμβατικής και προαιρετικής αντασφάλισης, κορυφαίες λύσεις ανάλυσης δεδομένων, στρατηγική συμβουλευτική και λύσεις για αγορές κεφαλαίου.
Φωτό: Alexander Turner, Διευθύνων Σύμβουλος Carpenter Turner
Baden-Baden Reinsurance Symposium explores how (re)insurance industry can rise to exposure challenge
Guy Carpenter, a leading global risk and reinsurance specialist and a business of Marsh McLennan (NYSE: MMC), hosted the Baden-Baden Reinsurance Symposium on October 23, focusing on the theme of “Rising to the Exposure Challenge.”
Senior industry leaders discussed how the (re)insurance industry can deliver the necessary capacity, scope of solutions, and capabilities to address the rapidly evolving exposure environment, ensuring clients can manage these challenges effectively, even within extreme conditions.
In his opening address, Guy Carpenter’s Massimo Reina, CEO, Europe, highlighted the strong performance of the industry despite demanding market conditions and emphasised the need for the (re)insurance sector to work in unison to address this challenging environment.
“The European market continues to deliver strong results over the cycle, and to differentiate itself within the global (re)insurance landscape,” he said. “With all parts of the industry working together, we can maintain the strength of existing relationships and reach the right solutions for cedants and reinsurers. At Guy Carpenter, we are confident that positive outcomes are achievable in today’s environment.”
While acknowledging the strains placed on the sector by macroeconomic factors such as upward inflation, Jean-Jacques Henchoz, Chairman of the Executive Board, Hannover Re, was clear that opportunities existed to enable (re)insurance companies to reaffirm their critical function.
“Demand for reinsurance is very strong and continues to increase,” he said. “If we consider the long-term trends, climate change is a challenge for our industry, but also creates huge potential. If you look at emerging markets and in particular insurance penetration levels in some Asian markets, changes in technology, demographic shifts, urbanisation – these are all developments which are generating significant opportunities for our industry… the challenge for us is to push the frontiers of insurability.”
Ann Haugh, CEO, Axis Re, outlined the multiple factors currently impacting the (re)insurance market, including property cat market volatility, a reduction in ILS and retro capacity, the increased frequency and severity of events, and the war on talent.
“In such a demanding marketplace, it is imperative that our industry works to leverage its strengths,” she said. “We must look at how we can elevate our leadership positions in our chosen markets. We must be fully focused on serving our customers while maintaining a smart but disciplined underwriting approach. We must reserve prudently by reflecting appropriate loss costs in our pricing models. Finally, we must continue to invest in our talent and our unique organizational cultures to attract and retain the best people. At Axis Re, we see all these areas as critical to our long-term success.”
In the final presentation of the Symposium, Thierry Derez, CEO, Covéa, said that while there are clearly multiple hurdles that organizations are facing, the (re)insurance industry must ensure it takes a lead position in delivering the solutions required to help clients overcome them.
“The current turmoil is challenging for everybody,” he said, “but our responsibility is to stop complaining. From a financial viewpoint, the rising interest rates create buffers in the long run. From a technical viewpoint, the material to be insured is growing. From a social viewpoint, there is appetite for protection.” However, he warned, “If the insurance and reinsurance industry is not able to respond to this extraordinary demand, then other industries will look to find the solutions.”
Guy Carpenter announces GC Access appointments and expansion of capabilities
Guy Carpenter, a leading global risk and reinsurance specialist and a business of Marsh McLennan, announced that it has expanded its capabilities in the delegated authority arena, with its GC Access team gaining three new hires and forming a new collaboration with Guy Carpenter’s Ratings Advisory Service.
Bryan Willingham, Alex Donkervoet and Nate Palmer have joined the GC Access team in the roles of Managing Director and Co-Head of the Southwest Region, Senior Vice President and Co-Head of the Southwest Region, and Assistant Vice President, respectively. Each will report to Matt Petka, President of GC Access North America.
Mr. Willingham brings more than 19 years of reinsurance experience, most recently specializing in placing treaty reinsurance for workers compensation and property and casualty insurers, and MGA programs across the US. Mr. Donkervoet has over 15 years of actuarial, reinsurance, product, underwriting and operations experience. Mr. Palmer most recently worked as a commercial lines wholesale broker specializing in financial lines and cyber coverage.
The GC Access team will work in collaboration with Doug Ostermiller, Managing Director, Guy Carpenter’s Ratings Advisory Service team, which advises clients on new and existing rating assignments as well as capital optimization, financial forecasting, stress testing and peer benchmarking. Mr. Ostermiller will assist clients in engaging A.M. Best for the purpose of obtaining a Performance Assessment for their delegated underwriting authority enterprises (DUAEs).
“We are excited to add strategic rating advisory services and welcome three highly talented new members to the GC Access team,” said Mr. Petka. “The diverse experience and specialist skills Bryan, Alex and Nate bring, in addition to Doug’s ability to facilitate A.M. Best DUAE Performance Assessments, further expand the scope of solutions Guy Carpenter offers to help clients excel, and reinforce our commitment to deliver a best-in-class solution to the MGA space.”
Guy Carpenter launched GC Access in 2020 as a dedicated offering to help clients capitalize on Managing General Agent (MGA) solutions in the rapidly expanding delegated authority market. The practice provides fully integrated and bespoke services in business planning, program carrier selection, capital advisory and modeling via a network of colleagues in North America, Canada, and the UK.
Guy Carpenter enters exclusive agreement with TNEDICCA® to enhance us auto risk analysis
Guy Carpenter, a leading global risk and reinsurance specialist and a business of Marsh McLennan (NYSE: MMC), announced that it has entered an agreement with TNEDICCA®, a leader in location-based traffic-crash intelligence and predictive analytics. This exclusive agreement enables Guy Carpenter to deliver enhanced auto analytics to its insurance carrier clients.
Guy Carpenter will use TNEDICCA’s location risk products for the US personal and commercial auto marketplace. Access to this key data will help Guy Carpenter’s clients develop ratemaking and underwriting strategies, resulting in a more accurate assessment and pricing of auto risks, improving overall profitability for participating insurers.
TNEDICCA analytics leverage country-wide geocoded police crash report data to generate risk scores. This leads to the development of a credible and robust data source for assessing auto risks in the US.
“Through the agreement with TNEDICCA, Guy Carpenter will be able to further provide clients with leading-edge data assets,” said Thomas Hettinger, Managing Director and North America Leader for the Global Strategic Advisory team at Guy Carpenter. “This, in turn, will empower carriers to develop innovative products that address new and emerging risks.”
“With a deep understanding and reach within the auto insurance market, Guy Carpenter is well positioned to expand distribution of TNEDICCA’s innovative risk scores and solutions,” said Yiem Sunbhanich, co-founder and CEO of TNEDICCA. “We have seen first-hand the effectiveness of Guy Carpenter’s full-service approach in delivering value through full implementation.”
Guy Carpenter announces GC access leadership in North America
Guy Carpenter, a leading global risk and reinsurance specialist and a business of Marsh McLennan (NYSE: MMC), has announced the appointments of Matt Petka to President of GC Access North America and Branch Manager of Guy Carpenter’s Dallas office, and Riley Underwood to Head of Client Solutions for GC Access, effective immediately.
With the rapid expansion of the dynamic programs market, Guy Carpenter launched GC Access in 2020 as a dedicated offering to help clients capitalize on Managing General Agent (MGA) solutions. The practice continues to provide fully integrated and bespoke services across business planning, program carrier selection, capital advisory and modeling support. This strategic network spans over 50 colleagues in North America, Canada and the UK, working closely with the firm’s Global Strategic Advisory and InsurTech Center of Excellence teams.
Today, GC Access is one of the most comprehensive offerings in the space, leveraging Guy Carpenter’s market-leading actuarial and analytical capabilities, contract expertise, and an expansive network of insurer and reinsurer relationships to match MGAs and carriers efficiently.
Mr. Petka brings over 22 years of broking experience to the role. He joined Guy Carpenter in 2021 as a Managing Director at GC Access, and prior to this, was an Executive Vice President at Willis Re, focusing on MGA and program business. Mr. Underwood is also a highly accomplished senior broker with over 11 years of experience who joined the GC Access team in 2021 as a Senior Vice President, having previously worked for Willis Re.
“Matt and Riley represent decades of experience in the program sector and are key to driving success for our GC Access clients,” said John Trace, CEO of North America at Guy Carpenter. “We are fully committed to enhancing and expanding the scope of services and capabilities we offer our growing client network.”
Guy Carpenter appoints Julian Enoizi as Global Head of Public Sector
Guy Carpenter, a leading global risk and reinsurance specialist and a business of Marsh McLennan, has announced the appointment of Julian Enoizi as Global Head of Public Sector, effective April 11, 2022.
In this newly created role, Mr. Enoizi will lead Guy Carpenter’s Public Sector practice, where he will be responsible for driving its growth strategy. He will work with the global team to identify opportunities to address systemic risks, such as cyber and climate change and develop innovative solutions that facilitate a closer working relationship between public and private entities. Working with Marsh McLennan’s other businesses, including Marsh, Oliver Wyman and Mercer, he will continue building on the company’s position as the market leader in the sector. Mr. Enoizi will be based in London and report to David Priebe, Chairman of Guy Carpenter.
Mr. Enoizi has been in the industry over 25 years leading international insurance operations in Continental European, London and Lloyd’s markets. Most recently, he was CEO of Pool Re, the UK Government-backed terrorism reinsurer that operates as a public-private partnership, presiding over significant advancements to the organization and its strategic direction, including the renewal of its unlimited government guarantee. During this time, Mr. Enoizi also played a central role in discussions around how the UK might better manage the risks that sit on the government’s balance sheet. These conversations culminated in the joint development of a landmark initiative “Resilience UK,” aimed at encouraging industry and government collaboration to tackle systemic risks and protection gaps beyond terrorism.
Earlier in his career, Mr. Enoizi held leadership roles including Managing Director of ProSight Specialty Underwriters, President & CEO of Argo Managing Agency, and President & CEO of CNA Europe Holdings.
Commenting on the appointment, Dean Klisura, President & CEO of Guy Carpenter, said: “At Guy Carpenter, we remain committed to helping develop and secure public-private partnerships, which is vital to enhancing community resilience. Julian’s understanding of the importance of such partnerships and his extensive market experience make him the ideal person to lead our Global Public Sector practice.”
Guy Carpenter appoints Head of UK & Ireland Life as it continues global life expansion
Guy Carpenter, a leading global risk and reinsurance specialist and a business of Marsh McLennan, announced the appointment of Isaac Sanday as Head of UK & Ireland Life, effective January 2022.
Mr. Sanday will be responsible for leading production and client delivery for the UK & Ireland, focusing on capital-oriented and structured life and annuity reinsurance transactions. In this new role, he will work closely with Guy Carpenter’s global life practice as the company continues to expand its presence in the sector. Based in London, Mr. Sanday will report to Ed Hochberg, Head of Global Risk Solutions.
He brings decades of experience in structured life and annuity transactions, mergers and acquisitions, and capital management. Most recently, Mr. Sanday was Director of EMEA Life at Willis Towers Watson. Prior to that, he held several senior positions at Swiss Re across life, non-life, business development, and life capital. Mr. Sanday began his career in investment banking, including roles at ABN AMRO, Societe Generale, and Merrill Lynch.
The announcement follows the appointments of Ben Keslowitz as Head of U.S. Life Reinsurance and Luca Tres as Head of Strategic Risk and Capital Life Solutions, EMEA.
“Isaac is a great addition to our global life practice,” said Mr. Hochberg. “His expertise in the life and annuity sector will be central to our ability to help clients manage capital and operate profitably within evolving interest rate environments. His hire complements our recent leadership additions in the US and EMEA, and the continuing expansion of our life practice in APAC.”