London, June 20, 2007 — Guy Carpenter & Company, the leading global risk and reinsurance specialist and part of the Marsh & McLennan Companies (NYSE: MMC), today announced its intention to mandate the use of Electronic Claims File (ECF) for in-scope claims for all Lloyd�s markets from January 1, 2008. This decision follows the successful implementation of Guy Carpenter’s ECF initiatives and underscores the firm�s commitment to further market reform.
�ECF significantly improves the current London market claim process by removing paper and thus the need for physically moving claim files around the market,� said Geoff Bromley, Guy Carpenter�s Chairman of European and Asian operations. �Ultimately, it fosters a more efficient claims adjustment and payment process for our clients.� Mr. Bromley added, �We remain committed to providing our clients with excellent service, and view ECF as a key building block in ensuring that London remains an attractive market.�
In accordance with today�s announcement, Lloyd�s markets underwriting Guy Carpenter business must agree to the use of [email protected] and the Insurance Market Repository to handle all in-scope claims for 2008 risks. Guy Carpenter�s 2008 contracts will also be amended to incorporate this new provision. Managing Agencies that have not signed the Repository Rules and Repository Agreement with Xchanging, and are therefore unable to trade electronically, will not be offered lead lines on Guy Carpenter�s 2008 business, subject as always to the firm�s duty to act in its clients� best interests. Guy Carpenter has been actively involved with early implementation pilots since 2004, and has taken a leading position in efforts to maximise the benefits of the Market Reform Programme in the London market. Guy Carpenter currently has full ECF engagement with more than 90 percent of leading Lloyd�s markets with which it places business. Guy Carpenter continues to strive for full market acceptance.
Guy Carpenter & Company, LLC is the world�s leading risk and reinsurance specialist and a part of the Marsh & McLennan Companies. Guy Carpenter creates and executes reinsurance and risk management solutions for clients worldwide through 2,600 professionals across the globe. The firm’s full breadth of services includes 16 centers of excellence in Accident & Health, Agriculture, Alternative Risk Transfer, Environmental, General Casualty, Investment Banking*, Life & Annuity, Marine & Energy, Professional Liability, Program Manager Solutions, Property, Retrocessional, Structured Risk, Surety, Terror Risk, and Workers Compensation. In addition, Guy Carpenter�s Instrat® unit utilizes industry-leading quantitative skills and modeling tools that optimize the reinsurance decision-making process and help make the firm�s clients more successful.
Guy Carpenter�s website address is www.guycarp.com.