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Guy Carpenter & Company, LLC

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Guy Carpenter & Company, LLC

History:

Company History

The history of today's leading reinsurance intermediary dates back more than 85 years to Guy Carpenter, a man with a vision, who laid the foundation for reinsurance as it is known today.

Seeking a better way to reinsure the Cotton Insurance Association – a pool of insurance companies formed to spread the risks of harvested cotton – Guy Carpenter created "The Carpenter Plan." Based on excess of loss, the plan made it far easier for insurers to anticipate and manage costs. It quickly

became the standard for harvested cotton – and for most other insurance risks as well.

On a now-famous transatlantic crossing in 1923, Guy Carpenter met with Henry W. Marsh and Donald R. McLennan. Visionaries themselves, these two insurance brokers saw the value of Guy Carpenter's ingenuity. Shortly thereafter, Marsh & McLennan bought Guy Carpenter's firm, launching a relationship highlighted by decades of successful innovation.
Over the years, Guy Carpenter has earned a reputation for powerful, forward-looking ideas – and for raising the bar in reinsurance the world over. For example, much of the wording that later became standard on reinsurance contracts was first drafted in the halls of Guy Carpenter. Guy Carpenter also drove creation of the Global Slip Catastrophe product in the 1960s, and of ECO and Modified Event Casualty Catastrophe coverage in the 1970s and 1980s.

The company co-sponsored the formation of new reinsurance markets, such as Terra Nova, Mid Ocean and Centre Re, filling voids in the structured risk, casualty and property catastrophe markets. And our standard-setting tradition continues today. In recent years, we have introduced a wide range of innovations, from a stochastic financial modeling platform to numerous models that help clients manage risks ranging from directors and officers liability to workers compensation.

For more information about our company's history and Mr. Carpenter, we also invite you to view
A History of Innovation, our interactive timeline detailing our history of innovative approaches that have redefined reinsurance for decades.

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