Marsh, Guy Carpenter, JLT to combine Latin America reinsurance business

Insurance Business America | April 24, 2019

Marsh, Guy Carpenter, JLT to combine Latin America reinsurance business
Two subsidiaries of Marsh & McLennan Companies (MMC) – Marsh and Guy Carpenter – have announced that they will combine their Latin American facultative reinsurance operations with Jardine Lloyd Thompson Group (JLT). A release said that the combined business will be known as Carpenter Marsh Fac Re. The merger of the businesses will still be subject to regulatory approvals. Carpenter Marsh Fac Re will be led by Andrew Perry, who currently serves as CEO of Mercer Marsh Benefits (MMB). Perry will be based in Miami and will report to Marsh global placement president Dean Klisura and Marsh CEO of Latin America and Caribbean (LAC) Ricardo Brockmann. Prior to joining MMB in 2014, Perry (who joined Marsh in 1988) was client and business development leader for Marsh’s LAC region. From 2004 to 2010, he also served as leader of Marsh LAC’s risk management segment. In addition to Perry’s appointment, Guy Carpenter leader Juan Carlos Gomez has also been named deputy CEO of Carpenter Marsh Fac Re. He will be based in Bogota, Columbia and will report to Perry.

Spotlight

According to NOAA, in 2017, the US saw 16 weather events with losses exceeding $1 billion and a cumulative cost greater than $300 billion. This put a stop to the five-year trend of falling prices and a softening market. Premiums are expected to rise for most, and more in disaster prone or impacted areas. Overall, a build up of surplus may keep this more stable than one would expect.

Spotlight

According to NOAA, in 2017, the US saw 16 weather events with losses exceeding $1 billion and a cumulative cost greater than $300 billion. This put a stop to the five-year trend of falling prices and a softening market. Premiums are expected to rise for most, and more in disaster prone or impacted areas. Overall, a build up of surplus may keep this more stable than one would expect.

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