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Specialty practice targets governments' catastrophe exposures

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Guy Carpenter & Co. L.L.C. has launched an international public sector specialty practice to address the risk management needs of government agencies and entities in catastrophe situations.

Created to address the unfunded liabilities that government agencies face, the practice will offer reinsurance, capital markets products, and supporting risk analytics.

Guy Carpenter said the private sector pre-financing options will relieve the burden on taxpayers and public finances, and transfer the management of catastrophes to insurance and reinsurance companies.

Guy Carpenter also said Peter Book, head of the firm’s agriculture practice for the Asia-Pacific region, will lead the public sector specialty practice in the Asia-Pacific region, and Aidan Pope, the firm’s CEO of Latin America and Caribbean operations, will head the public sector specialty team for the Latin America and Caribbean regions.

“Guy Carpenter believes there is a growing need to build and expand effective public-private partnerships to more effectively manage the challenges associated with catastrophic loss because of the fiscal constraints brought on by unprecedented economic and budgetary burdens, including expanding public sector debt,” Jake Clark, managing director and leader of the firm’s public sector practice in North America, said in the statement. “In many cases these represent unfunded loss exposures that fall on the backs of taxpayers or communities that lack the fiscal resources to efficiently manage them.”