Guy Carpenter & Company, LLC, is a global risk and reinsurance specialist based in New York with more than 60 offices worldwide. Placing more than $51 billion in gross premium volume in 2021, Guy Carpenter has grown to become one of the world’s leading reinsurance brokers.
The company, a subsidiary of
Marsh McLennan
Marsh & McLennan Companies, Inc., doing business as Marsh McLennan, is a global professional services firm, headquartered in New York City with businesses in insurance brokerage, risk management, reinsurance services, talent management, investme ...
, was acquired by
Marsh & McLennan Companies
Marsh & McLennan Companies, Inc., doing business as Marsh McLennan, is a global professional services firm, headquartered in New York City with businesses in insurance brokerage, risk management, reinsurance services, talent management, investme ...
in 1923.
History
1922-1999
''Guy Carpenter'' (1869 - 1935) founded the company in 1922 and concluded a merger with MMC founders
Henry W. Marsh and
Donald R. McLennan about a year later.
Concurrently, he was the manager of
Atlanta
Atlanta ( ) is the capital and most populous city of the U.S. state of Georgia. It is the seat of Fulton County, the most populous county in Georgia, but its territory falls in both Fulton and DeKalb counties. With a population of 498,715 ...
-based ''Cotton Insurance Association'',
which had been organized in 1905.
The Carpenter Plan
''The Carpenter Plan'' was based on using a rolling average of losses, over a period of years, rather than simply looking at the prior year.
One result was that insurance contracts were focused more on what was ''not'' covered. Carpenter's contracts were more inclusive - the focus was on what was excluded. Fire insurance paid for the damage resulting from a fire. An example of how this did not work was the following:
::A bale of cotton sitting in a railroad car caught fire. By the time the insurance company won an appeal against having to pay, "No insurance for the loss of the cotton" was paid, but, to help the owner of the cotton rebuild the business, "a loan or advance has been made to him by the insurance company, to be repaid ..." By the time of this injustice, Carpenter's plan, which he had discussed with Lloyd's of
London
London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...
in 1915,
[ was beginning to take root.][
]
2000-present
The firm occupied eight floors (47-55) in the South Tower and one (94) in the North Tower of the World Trade Center in New York City until the 9/11 attacks destroyed the complex in 2001.
In February 2020, Guy Carpenter & Company entered into a multi-year agreement with Karen Clark and Company (KCC) to license its catalogue of natural catastrophe models, analytics and execution software. Another area is "Cyber insurance", working with Symantec to measure "severity and frequency."
References
{{reflist
External links
Official website
Marsh McLennan
American companies established in 1922
Insurance companies of the United_States
Financial services companies established in 1922