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Member, Beacon International Group, Ltd.
Global reinsurance broker Guy Carpenter & Co. L.L.C. has launched financial institutions and cyber components of its GC ForCas casualty catastrophe modeling platform.
GC ForCas is a data-driven modeling platform developed to help insurers better understand their exposure to casualty catastrophe losses resulting from the accumulation of U.S. commercial lines insurance policies, Guy Carpenter said Monday in a statement.
The financial institutions component is designed to analyze the effect of casualty catastrophe events originating from financial or similar institutions under the related major insurance lines, including directors and officers, errors and omissions, as well as excess casualty and fidelity, according to the statement.
GC ForCas uses Advisen Ltd.'s large loss database of more than 250,000 historical losses to anticipate the possible scenarios and line of business dependencies, Guy Carpenter said.
“The risk from casualty or liability-based catastrophe losses has become increasingly frequent and severe and can have a domino effect where single events cross several lines of business and produce very large losses,” said John Trace, chief operating officer of U.S. operations for Guy Carpenter. “GC ForCas … gives them the ability to model the vast number of loss scenarios and line of business dependencies.”
Andrew Marcell has left Guy Carpenter & Co. L.L.C. and has been replaced as CEO of U.S. operations on an interim basis by Britt Newhouse, the reinsurance brokerage’s chairman.