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Member, Beacon International Group, Ltd.
Guy Carpenter, the founder of Guy Carpenter & Co. has been elected to the 2011 Insurance Hall of Fame, the International Insurance Society announced Monday.
Mr. Carpenter, who received the award posthumously, will be inducted on June 20, during the 47th IIS annual seminar in Toronto.
“Mr. Carpenter laid the foundation for reinsurance brokerage as we know it today, which is an outstanding contribution to our industry, and Guy Carpenter & Co. is now a global reinsurance intermediary giant,” says Bernhard Fink, IIS honors committee chairman, in a statement announcing the election. “Mr. Carpenter was also the inventor of The Carpenter Plan “a simple yet brilliant concept which revolutionized the industry by looking at losses over the span of multiple years rather than a single year,” said Michael J. Morrissey, IIS president and CEO, in the statement.
Mr. Carpenter was born in 1869. He formed Guy Carpenter & Co. in 1922, after having developed the Carpenter Plan during his tenure as manager of the Cotton Insurance Assn. According to IIS, the Carpenter Plan “considered loss experience over a number of years and automatically adjusted premiums based on the rolling average loss. The Carpenter Plan could also be substituted for the old-form treaty reinsurance.” In Monday's statement, IIS called the plan “a revolutionary concept that could foster improved risk management.” The first Carpenter Plan was written for the Cotton Insurance Assn. in 1920.
Mr. Carpenter died in 1935.
Guy Carpenter & Co. is a member of the Marsh & McLennan Cos.