Reinsurance broker Guy Carpenter has expanded its Global Marine & Energy Specialty Group with the launch of a new marine & energy mutual, agency and captive reinsurance solutions practice.

This new business is said to be part of the company’s several key growth strategies in the marine & energy sector.

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It brings together the company’s specialist industry expertise, sector-focused data and analytics and risk management services under a single platform.

The new practise will be led by Demian Smith as managing director. He will oversee all marine & energy activities in connection with the development of mutual, agency and captive reinsurance solutions.

Smith will be also charge of developing opportunities to enhance and expand the depth of services offered by Guy Carpenter to its clients.

Based in London, he will report to Guy Carpenter Global Specialties Deputy CEO and Marine & Energy Specialty global head Jim Summers.

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Commenting on the development, Summers said: “The role of mutuals, agencies and captives in providing targeted underwriting facilities to the marine & energy market has increased exponentially in recent years as carriers have looked to access niche sectors and distribution channels.

“By focusing our extensive capabilities and deep industry knowledge within one practice and under Demian’s leadership, Guy Carpenter is able to demonstrate once again its market-leading ability to match capital and risk precisely and efficiently.”

Last year, Guy Carpenter and Aon joined forces with The Institutes RiskStream Collaborative to leverage blockchain and DLT technology to streamline the reinsurance placement process.

In April last year, Guy Carpenter and Marsh merged their facultative reinsurance operations with Jardine Lloyd Thompson Group in Latin America.