What’s New: In Brief (May 28, 2008)

Guy Carpenter & Company LLC has appointment Andrew Marcell to lead its Americas broking operations.As CEO of the Americas broking operations, Marcell will assume responsibility for all of Guy Carpenter’s treaty and facultative broking operations in the United States, Canada, Latin America and Bermuda.”Andy’s diverse global experience and strong management and leadership skills will assist our broking operations to deliver superior value to our clients,” said Peter Zaffino, president and CEO of Guy Carpenter. Marcell was previously the head of global business development and CEO of Guy Carpenter’s continental European operations. In his new role, he replaces Britt Newhouse, who was recently appointed chairman of Guy Carpenter.

Despite forecasts that augur an above-average hurricane storm season in 2008, property catastrophe pricing in one of the United States’ most hurricane-prone areas, Florida, is projected to decline by 15% during June 1, 2008 renewals.Risk and reinsurance specialist Guy Carpenter & Company LLC has recently published a briefing indicating “the main factors driving the decline in rates are a competitive reinsurance market and the absence of any major insured losses.” “While there is no shortage of disasters, none of them has had a major impact on the market, and the relative lack of other global mega-catastrophes with high insured losses has further encouraged rate decreases,” wrote Kevin Stokes, the global head of Guy Carpenter’s property specialty practice. According to the briefing, the state-run Florida Hurricane Catastrophe Fund (FHCF) continues to play an important part in most companies’ overall reinsurance programs. “Price decreases have been more dramatic for higher layers attaching above the FHCF due largely to reinsurers’ preference for more remote exposures,” Guy Carpenter notes in a press release announcing publication of the report.