Guy Carpenter, the reinsurance arm of global brokerage Marsh, has announced the launch of a new Marine & Energy mutual, agency and captive reinsurance solutions practice.

The practice, which forms part of Guy Carpenter’s Global Marine & Energy Specialty group, will be led by Managing Director Demian Smith.

Guy Carpenter’s aim is to create a single platform that combines its specialist expertise, data and analytics, and risk management services for the marine & energy sector.

As Managing Director, Smith will be responsible for overseeing all marine & energy activities relating to the development of mutual, agency and captive reinsurance solutions.

Based in London, he will report to Jim Summers, Global Head of Marine & Energy Specialty and Deputy CEO of Global Specialties at Guy Carpenter.

Smith brings over 25 years of London market experience to the role and knowledge of the mutual, agency and captive sectors.

Most recently, he was a consultant for Lloyd’s broker Smith Bilbrough & Co and prior to this 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 & energy market has increased exponentially in recent years as carriers have looked to access niche sectors and distribution channels,” said Jim Summers.

“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.”

Source: Reinsurance News