Guy Carpenter eyes marine & energy market expansion with new practice

Reinsurance broker Guy Carpenter & Company, a part of Marsh & McLennan Companies, has established a new marine & energy mutual, agency and captive reinsurance solutions practice, to be led by Demian Smith as managing director.

Smith is the former CEO of Starstone Holdings, a subsidiary of Enstar Group. Most recently, he was a consultant for Lloyd’s broker Smith Bilbrough & Co. He has over 25 years of London market experience and knowledge of the mutual, agency and captive sectors.

The practice, which forms part of Guy Carpenter’s global marine & energy specialty group, is one of the key growth strategies the company is focusing on in the sector to optimally position it to offer "market-advancing, client-centric solutions".

It creates a single platform combining Guy Carpenter’s specialist industry expertise, sector-focused data and analytics, and risk management services.

Smith will be responsible for overseeing all marine & energy activities relating to the development of mutual, agency and captive reinsurance solutions and developing opportunities to enhance and expand Guy Carpenter's services in this sector.

Based in London, he will report to Jim Summers, global head of marine & energy specialty and deputy CEO of global specialties at Guy Carpenter.

Summers said: “The role of mutuals, agencies and captives in providing targeted underwriting facilities to the marine & energy market has increased exponentially in recent years as carriers have looked to access niche sectors and distribution channels.

"By focusing our extensive capabilities and deep industry knowledge within one practice and under Demian’s leadership, Guy Carpenter is able to demonstrate once again its market-leading ability to match capital and risk precisely and efficiently.”