Marsh & McLennan Companies launches new service unit for protection and indemnity associations, insurers

Marsh & McLennan Companies Inc. Tuesday launched a new unit offering a range of reinsurance and advisory services to help protection and indemnity associations and insurers address the increasingly complex challenges they face.

The new Protection & Indemnity Client Service (PICS) unit brings together under one co-ordinated approach called the MMC Advantange the knowledge, resources and expertise of Marsh & McLennan Companies’ four operating units: Guy Carpenter, Marsh, Mercer and Oliver Wyman, notes a statement from Marsh & McLennan, which provides analysis, advice and transactional capabilities to clients in more than 130 countries.

The PICS group combines the Guy Carpenter International P&I team (which has key offices in London, New York and Tokyo), Marsh’s Marine Liability team, Marsh’s Global Marine Practice, the Mercer network P&I specialist team, and the global offices of Oliver Wyman, the statement notes.

The MMC Advantage approach moves beyond traditional transactional broker capabilities to encompassing analytics, benchmarking, solvency advice, business development assistance, investment and risk management capabilities, as well as both facultative and treaty reinsurance broking. The approach is “critical to the ability of P&I insurance providers to thrive in the highly competitive marine sector, particularly given increasing regulatory and financial pressures.”

“By bringing together the full resources of MMC, we are able to tackle the wide range of challenges our clients face in today’s ever more complex P&I environment,” says Simon Smith, Chairman of PICS and managing director at Guy Carpenter.