20 April 2015 Insurance

Guy Carp launches public sector practice

Broker Guy Carpenter has launched a public sector specialty practice focused on the risk management needs of governmental agencies and entities.

Peter Book, head of agriculture practice for the Asia-Pacific region, will lead the practice in Asia-Pacific and Aidan Pope, chief executive officer (CEO) of Latin America and Caribbean (LAC) operations, will oversee the team for the LAC region.

According to Guy Carp, the newly launched practice was created to address “the issue of unfunded liabilities by delivering reinsurance and capital market solutions and supporting risk analytics that focus on this gap for governments and other public entities”.

The practice currently advises approximately 100 public sector engagements that entail pre-event reinsurance mechanisms around the world that address a variety of loss causes including earthquake, hurricane, flood, and terrorism.

Within the division, there are also engagements that also address a variety of segments in the public sector arena including property, workers compensation, credit, healthcare, and micro-reinsurance.

Britt Newhouse, chairman of Guy Carpenter and chair of the public sector specialty practice, said: “Given the increasing challenges associated with risk management and the impact that catastrophic loss can have on the fiscal position and tax base of government entities across the globe, we believe greater coordination is required to manage this risk across the public and private sectors.

“With our extensive experience, global resources and market insight we are uniquely positioned to help public entities identify the best solutions to transfer this risk to the private sector.”

Jake Clark, managing director and leader of the firm’s public sector practice in North America, added: “Public sector entities are grappling with a host of challenging societal pressures that are being exacerbated by changing demographics, such as aging populations and growing exposure to natural and man-made catastrophes.

“Guy Carpenter believes there is a growing need to build and expand effective public-private partnerships to more effectively manage the challenges associated with catastrophic loss because of the fiscal constraints brought on by unprecedented economic and budgetary burdens, including expanding public sector debt. In many cases these represent unfunded loss exposures that fall on the backs of taxpayers or communities that lack the fiscal resources to efficiently manage them.”

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