Guy Carpenter Forms Marine and Energy Mutual, Agency, Captive Practice

Guy Carpenter has launched a new marine and energy mutual, agency, and captive reinsurance solutions practice and appointed Demian Smith as managing director to lead the new practice.

Guy Carpenter said the practice, which forms part of its Global Marine & Energy Specialty group, is one of several growth strategies the company is focusing on in the marine and energy sector. It creates a single platform combining the company's specialist industry expertise, sector-focused data and analytics, and risk management services, a Guy Carpenter statement said.

The statement said that by establishing a team operating exclusively in this rapidly evolving space, Guy Carpenter will be well positioned to deliver market-advancing, client-centric solutions.

Mr. Smith will be responsible for overseeing all marine and energy activities relating to the development of mutual, agency, and captive reinsurance solutions and developing opportunities to enhance and expand the depth of services that Guy Carpenter provides to its clients. Based in London, he will report to Jim Summers, global head of Marine & Energy Specialty and deputy CEO of Global Specialties at Guy Carpenter.

Mr. Smith brings more than 25 years of London market experience to his new role, coupled with expansive knowledge of the mutual, agency, and captive sectors, Guy Carpenter said. Most recently, he was a consultant for Lloyd's broker Smith Bilbrough & Co., and prior to that was Group CEO of Starstone Holdings Limited, a subsidiary of Enstar Group.

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