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Marsh & McLennan Cos. Inc. said Tuesday it launched the Protection & Indemnity Client Service unit to help P&I associations and insurers address their challenges.
Some of these challenges are adapting to the changes of the financial market while maintaining competitive premiums, new legislation, and “the need to demonstrate good corporate governance and best practice, including from a reinsurance perspective” due to regulatory pressure, Simon Smith, chairman of PICS and managing director at Guy Carpenter & Co. Ltd. said in an emailed statement.
The PICS group will combine the resources of Marsh & McLennan Cos.’ four units Guy Carpenter, Marsh L.L.C., Mercer L.L.C. and Oliver Wyman Group, according to a Marsh & McLennan statement.
PICS will involve Guy Carpenter’s international P&I team, Marsh’s marine liability team, Marsh’s global marine practice, the Mercer network P&I specialist team and the global offices of Oliver Wyman, according to the statement.
“By bringing together the full resources of MMC, we are able to tackle the wide range of challenges our clients face in today’s ever more complex P&I environment. In addition to the broadest range of services, we have a team second to none in its understanding of the mutuals, companies and agencies that we work with. Our client base demands much more than transactional broking, and that is what PICS delivers — services far beyond the conventional,” Mr. Smith said in the statement.
Marsh L.L.C. has introduced a diagnostic tool designed to analyze casualty program costs and trends, the broker said Wednesday.