New York, NY (Mar. 16, 2015) – Guy Carpenter & Company, LLC, a leading global risk and reinsurance specialist and a wholly owned subsidiary of Marsh & McLennan Companies, has announced the launch of GC ForCasSM, its new data-driven casualty catastrophe model.
GC ForCas is a stochastic modelling platform developed to help insurance carriers better understand their exposure to casualty catastrophe losses resulting from the accumulation of US Commercial Lines insurance policies. The platform utilizes a variety of industry sources including Advisen’s® large loss database of more than 250,000 historical losses to anticipate the vast number of scenarios and line of business dependencies. The first GC ForCas component has been released and addresses losses resulting from sudden disasters. Successive model components for losses resulting from financial institutions and cyber insurance policies are near completion and will be added to the GC ForCas platform.
“To protect their capital from casualty catastrophe risk, carriers have needed tools and models that can probe a portfolio to apply potential disaster scenarios, identify likely exposures and map how liability may spread from the epicenter to other industries, jurisdictions and lines of business,” said Andrew Marcell, CEO of US Operations. “That is exactly what GC ForCas accomplishes.”
“Casualty catastrophes are among the most formidable threats that casualty (re)insurers face today,” said David Lightfoot, Head of GC Analytics – Americas for Guy Carpenter. “GC ForCas is designed to be simple, transparent and as data-driven as possible.”
“Through the use of GC ForCas, companies will be able to make better risk-informed decisions with respect to managing the accumulation of casualty catastrophe exposures, and share that information with rating agencies and other stakeholders,” said Will Garland, US Head of Specialties at Guy Carpenter.
GC ForCas is another example of Guy Carpenter’s innovative approach to helping clients meet their needs in an evolving marketplace.
About Guy Carpenter
Guy Carpenter & Company, LLC is a global leader in providing risk and reinsurance intermediary services. With over 50 offices worldwide, Guy Carpenter creates and executes reinsurance solutions and delivers capital market solutions* for clients across the globe. The firm’s full breadth of services includes line-of-business expertise in agriculture; aviation; casualty clash; construction and engineering; cyber solutions; excess and umbrella; excess and surplus lines; healthcare & life; marine and energy; mutual insurance companies; political risk and trade credit; professional liability; property; retrocessional reinsurance; surety; terrorism and workers compensation. GC Fac® is Guy Carpenter’s dedicated global facultative reinsurance unit that provides placement strategies, timely market access and centralized management of facultative reinsurance solutions. In addition, GC Analytics®** utilizes industry-leading quantitative skills and modelling tools that optimize the reinsurance decision-making process and help make the firm’s clients more successful. For more information, visit www.guycarp.com.
Guy Carpenter is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global professional services firm offering clients advice and solutions in the areas of risk, strategy and people. With annual revenue exceeding $13 billion, Marsh & McLennan Companies’ 57,000 colleagues worldwide provide analysis, advice, and transactional capabilities to clients in more than 130 countries. through: Marsh, a leader in insurance broking and risk management; Mercer, a leader in talent, health, retirement, and investment consulting; and Oliver Wyman, a leader in management consulting. Marsh & McLennan is committed to being a responsible corporate citizen and making a positive impact in the communities in which it operates. Visit www.mmc.com for more information.
*Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., a US registered broker-dealer and member FINRA/NFA/SIPC. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Securities or investments, as applicable, are offered in the European Union by GC Securities, a division of MMC Securities (Europe) Ltd. (MMCSEL), which is authorized and regulated by the Financial Conduct Authority, main office 25 The North Colonnade, Canary Wharf, London E14 5HS. Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC. MMC Securities Corp., MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies. This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product.
**GC Analytics is a registered mark with the U.S. Patent and Trademark Office.
SOURCE: Guy CarpenterTags: Guy Carpenter, predictive modeling