Guy Carpenter & Company, Inc., the global risk and reinsurance specialist of the Marsh & McLennan Companies, announced that it has opened a new office in Taipei, Taiwan, “enhancing its leading position in the Asia Pacific region.” The bulletin also noted that “Guy Carpenter has been serving clients across the region for more than 80 years and has established its regional headquarters in Hong Kong. Kent Chow will head the new office in Taipei.”
“Taiwan has long been a vital marketplace for Guy Carpenter,” stated Martin Burrough, Managing Director and head of the firm’s Asia Pacific region. “With a dedicated foothold in Taipei, we will be able to serve our clients in Taiwan more closely while continuing to expand our capabilities across the entire region.” Since 2000, Guy Carpenter has doubled its staff in the Asia Pacific region to accommodate its rapid growth in the marketplace.
“In 2002, Guy Carpenter helped the Taiwanese government establish the Taiwan Residential Earthquake Insurance Fund (TREIF), which serves as a model for natural perils insurance protection around the world,” the announcement noted. “In 2003, Guy Carpenter assisted in the issuance of a catastrophe bond, making Taiwan the second country in Asia to access capital markets directly to cover earthquake risk. Guy Carpenter was renamed lead broker for the award-winning TREIF for 2006-2007.
“Guy Carpenter is the first major intermediary to meet the new requirement set forth by the Taiwanese Insurance Bureau stating that, effective July 1, 2006, reinsurance brokers must hold a special reinsurance license to operate in the Taiwan market.”
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