Reinsurance broker Guy Carpenter has poached a senior figure from Willis Towers Watson’s (WTW) London Market team to become head of its newly formed Hybrid Solutions UK operation.
Laurence Upton has been appointed Managing Director of the new unit which will be a division within GC fac and will focus on the development of semi-automatic facultative solutions that sit between traditional facultative transactions and treaty programs.
He leaves WTW where he was previously Head of London Market Fac. He will be joined by Jason Higgins, who has been appointed as Deputy Head of Hybrid Solutions UK, and Alex Groves as Senior Vice President. Mr. Higgins joins from Thompson Heath and Bond, and Mr. Groves from Willis Towers Watson.
The development of hybrid products will enable GC Fac to provide greater customisation opportunities to its clients in response to their evolving coverage requirements, according to the broker.
In his role Mr. Upton will be responsible for growing the new division, enhancing existing relationships and developing innovative facultative solutions. Based in London, he will report to Dominic Samengo-Turner, Global Head of Facultative, Guy Carpenter.
Mr. Samengo-Turner said: “Hybrid Solutions UK has been established in response to increasing cedent demand for more efficient and flexible solutions that effectively bridge the gap between traditional facultative solutions and treaty products. We have brought together a market-leading team in the facultative arena and under Laurence’s leadership we aim to deliver precisely structured and highly cost-effective risk transfer solutions.”