Guy Carpenter

Guy Carpenter & Company, LLC is a 1922-founded[1] company described as "a leading global risk and reinsurance specialist"[2][3][4] subsidiary of Marsh & McLennan Companies acquired by MMC in 1923.[1][5]

This article is about the Guy Carpenter subsidiary of Marsh & McLennan Companies. For the Neighbours character, see Guy Carpenter (Neighbours).
Guy Carpenter & Company
IndustryInsurance
Founded1922
ParentMarsh & McLennan Companies

One area in which Guy Carpenter has recently added to its array of services is InsurTech.[6]

Another area is "Cyber insurance",[7] working with Symantec to measure "severity and frequency."

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.[8]

Founder

Guy Carpenter (1869 - 1935)[9][1] founded his company in 1922 and personally concluded a merger with MMC founders Henry W. Marsh and Donald R. McLennan about a year later.

Concurrently he was the manager[10] of Atlanta-based[11][12] Cotton Insurance Association[1], which had been organized in 1905.[13]

His "Carpenter Plan"[14] was based on using a rolling average of losses, over a period of years, rather than simply looking at the prior year.[15]

Result

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.[16]

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 ..."[17]

By the time of this injustice, Carpenter's plan, which he had discussed with Lloyd's of London in 1915, [1] was beginning to take root.[15]

gollark: You said firmware. I think there are some without significant or any firmware.
gollark: Not even the Librem 5 is entirety free of blobs, you know.
gollark: Probably the best I could get would be a very old ARM SoC of some sort.
gollark: I'm defining "usable" as "has WiFi, performance competitive with my fairly recent Intel laptop, has usable high performance GPU".
gollark: I mean, nothing usable.

References
  1. "Guy Carpenter - Insurance Hall of Fame Laureate Profile". Retrieved November 24, 2018.
  2. "Guy Carpenter Announces New Global Capability to Help Clients Navigate Evolving InsurTech Market". NYTimes.com. September 9, 2018.
  3. "Guy Carpenter". PlugAndPlayTechCenter.com. over a 90-year history
  4. "Guy Carpenter partners with RPC Consulting to Offer Re/Insurance Analytic Platform". August 22, 2018.
  5. "Marsh & McLennan Companies, Inc. History".
  6. Business, Insurance. "Is insurtech the best way to bring trust back to insurance?". Insurance Business.
  7. "Guy Carpenter Forms Strategic Alliance to Develop Cyber Aggregation Model - The Council of Insurance Agents & Brokers".
  8. Smith, Ryan. "Guy Carpenter inks agreement with Karen Clark and Company". Insurance Business. Retrieved 2020-02-28.
  9. "Guy Carpenter". The New York Times. March 10, 1935. p. 34.
  10. "How Umbrella Policies Started Part 1: Early Liability Coverage". Guy Carpenter ... when he was insurance manager of the Cotton Insurance Association
  11. "Cotton Insurance Association". The New York Times. September 24, 1905. p. 22. F. M. Butt of Atlanta has been chosen manager of the Cotton Insurance Association
  12. Spectator [Philadelphia]. An American Review of Insurance. 1922. Texas Commissioner of Insurance ... with the Cotton Insurance Association of Atlanta, which is ...
  13. "Full text of Annual Cyclopedia of Insurance in the United States". COTTON INSURANCE ASSOCIATION .. organized in 1905
  14. Peter Borscheid; David Gugerli; Harold James (2013). The Value of Risk: Swiss Re and the History of Reinsurance. ISBN 0199689806. ... broker Guy Carpenter ... the Carpenter Plan represented
  15. "Guy Carpenter Elected to the Insurance Hall of Fame". January 31, 2011.
  16. "Over 90 years of clarity".
  17. "Dejean v. Louisiana Western R. Co., 118 So. 822".
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