Guy Carpenter launches new Asia Pacific retro unit, appoints leaders

Reinsurance broker Guy Carpenter & Company, a wholly owned subsidiary of Marsh & McLennan Companies, has launched a new unit offering dedicated retrocession services to clients in the Asia Pacific region.

The unit GC Asia Pacific Retro will be headed by Simon Hughes, managing director and Ben Dunnett, senior vice president.

Hughes has previously worked in Guy Carpenter’s Asia Pacific division for over 21 years and will be based in London. Dunnett has worked in its non-marine specialty team for 10 years and is based in Singapore.

Hughes will also continue in his role as Guy Carpenter’s senior broker for Australasian business. Both will report to James Boyce, head of non-marine specialty and James Nash, president of international division.

The new unit will provide a range of retrocession property solutions, linking in with Guy Carpenter’s existing marine and aviation global specialties units in the region, according to the statement. The services provided by the new operation will focus on retrocessional solutions, capital raising, and product and capacity development.

"GC Asia Pacific Retro provides us with the perfect platform to deliver our specialist retrocession expertise direct to our clients in the region, while also acting as a conduit to the full range of Guy Carpenter’s extensive services," Kevin Fisher, CEO of global specialties, commented.

"By establishing a dedicated team ‘on-site’, we are able to precisely translate their risk exposures into the most effective and comprehensive solutions possible, while ensuring that these fit seamlessly alongside the other traditional reinsurance products that we provide."

Nash added: "We see this as an opportune time to be opening the doors of our new unit. The remit of the team is expansive and spans retrocession solutions, capital raising and product development to meet the broad-spectrum needs of our clients. Further, our aim is to play a central role in facilitating the growth of the retrocession market in the region, while also expanding the potential afforded by ILS capacity."

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