Guy Carpenter licenses full suite of Karen Clark and Company's cat models
Reinsurance broker Guy Carpenter & Company, a part of Marsh & McLennan Companies, has entered into a global, multi-year agreement with catastrophe risk management firm Karen Clark and Company (KCC) to license their catalogue of natural catastrophe models, execution software and analytics.
The agreement will provide Guy Carpenter’s clients with access to KCC’s suite of natural peril models, software, visualisations and scientific approaches to support decision making across a breadth of underwriting, portfolio management and risk transfer use cases.
“Across our industry, practitioners are actively reassessing the costs, technical foundations, business utility and vendor relationships underpinning the existing cat model ecosystem, as long-held views of modeled risk are challenged," said Rob Bentley, CEO, strategic advisory at Guy Carpenter. "We firmly believe that at a time of industry change, our partnership with KCC represents a meaningful step-change in giving our clients choice along with experienced advisory support as they consider and embrace a different future.”
Karen Clark, CEO of KCC, said: “The KCC team is committed to innovation, transparency, accuracy, and client centricity. The KCC models produce loss estimates our clients have confidence in, and the RiskInsight modeling platform delivers unique risk metrics for deeper insights into large loss potential along with a comprehensive suite of high value applications. Over the past several years, KCC has partnered with market-leading (re)insurers who have informed this advanced modeling technology, and we’re looking forward to this new partnership with Guy Carpenter and the potential it brings to their extensive global client base.”
Peter Hearn, president and CEO of Guy Carpenter, added: “KCC and Guy Carpenter share the view that the (re)insurance industry is now ready for a paradigm shift in the current approach to catastrophe modeling. The partnership that we have announced today provides the platform from which we can now expedite the inevitable and desirable changes in the catastrophe modeling industry.”
