Reinsurance broker Guy Carpenter has announced it is to launch a new scheme that will provide US public entities new cover for risks that remain difficult to cover.
It will launch its Enhanced Public Entity facility via its US business of affiliate and the world’s largest managing general underwriter Victor.
Public entity insurance pools provide property and casualty coverage to the majority of local governments in the United States. As part of its Public Entity Facility, Guy Carpenter said it will provide “highly focused consulting and reinsurance intermediary services tailored to address a pool’s operational and strategic risks”. It will give individual local government pool members access to insurance solutions covering risks such as cyber liability, flood, and special events.
“The support of Victor will give our clients the ability to offer their members access to virtually any property casualty coverage they may need, deep insurer relationships, and market-leading service support,” said Mike Waterman, Guy Carpenter’s Public Entity Segment Leader.
Bill Balderston, Head of Broker Distribution, Victor US, added: “From the growing risks around terrorism and active shooters to the need to protect against adverse weather, local governments across the US are facing an increasingly complex risk landscape. Through our collaboration with Guy Carpenter we will now be able to offer them a breadth of insurance solutions they need in one convenient place.”
The enhanced Guy Carpenter Public Entity Facility will begin placing business on January 1, 2020.