GUY CARPENTER SIGNS LANDMARK CAT MODELLING DEAL WITH KAREN CLARK

Guy Carpenter, the reinsurance broking arm of Marsh & McLennan, has entered into a global, multi-year agreement with Karen Clark and Co (KCC) to license its full suite of natural catastrophe models, software and analytics. The agreement will combine Guy Carpenter’s “deep expertise in model science and emerging client needs” with the models and open approach to catastrophe modelling offered by KCC, the broker said in a statement. Guy Carpenter is the first intermediary to obtain access to KCC’s model RiskInsight. Both companies believe the insurance industry is ready for a “paradigm shift” in the approach to catastrophe modelling, according to Peter Hearn, Guy Carpenter president and chief executive. The insurance industry is “reassessing the costs, technical foundations and vendor relationships underpinning the existing cat model ecosystem, as long-held views of modelled risk are challenged,” the broker said.