Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist and part of the Marsh & McLennan Companies (NYSE: MMC), today announced that it has published Enterprise Risk Analysis for Property & Liability Insurance Companies, a comprehensive, practical enterprise risk management (ERM) guide. The book equips insurance executives, risk managers, actuaries, academics and others with the latest strategies and applications in ERM, from the field's leading specialists and practitioners.
"With rating agencies, regulators, parent companies and even investors beginning to require that insurers institute stricter ERM best practices, executives are being pressured to understand and manage risk as never before," said Don Mango, Managing Director at Guy Carpenter. "Because insurers also assume their clients' risks, assessing and managing their enterprise-wide risk has become much more complex and challenging. This book provides a single, essential reference on this increasingly important and rapidly evolving topic."
Building on Guy Carpenter's strength in insurance hazard modeling for risk management, Enterprise Risk Analysis brings together perspectives from a leading group of the firm's ERM experts, including Paul Brehm, Spencer Gluck, Rodney Kreps, John A. Major, Don Mango, Richard Shaw, Gary Venter, Steve White, and Susan Witcraft. In addition to addressing ERM theory, the book focuses on hands-on, practical implementation issues, including models and management frameworks, insurance hazard risks, financial risk models, operational risk and strategic risk.
The book covers both traditional ERM topics like loss distribution modeling and loss reserve models and emerging solutions such as timeline simulation, new copulas for the identification of dependence between variables, linking risk management and capital optimization, frameworks for modeling the insurance pricing cycle, models for reinsurance receivables risk and a wide selection of risk measures.
"Although ERM is increasingly being recognized by insurance executives as a good idea, implementation is a complex task. This text is a must-read for those who want to better understand and apply practical ERM principles to their organizations," added Mr. Mango. "By providing insight on ERM, based on years of research, this book can help companies better and more systematically address this critical issue and add value to their organizations."
Guy Carpenter & Company, LLC is the world's leading risk and reinsurance specialist and a part of the Marsh & McLennan Companies. Guy Carpenter creates and executes reinsurance and risk management solutions for clients worldwide through 2,600 professionals across the globe. The firm's full breadth of services includes 16 centers of excellence in Accident & Health, Agriculture, Alternative Risk Transfer, Environmental, General Casualty, Investment Banking*, Life & Annuity, Marine & Energy, Professional Liability, Program Manager Solutions, Property, Retrocessional, Structured Risk, Surety, Terror Risk, and Workers Compensation. In addition, Guy Carpenter's Instrat(R) unit utilizes industry-leading quantitative skills and modeling tools that optimize the reinsurance decision-making process and help make the firm's clients more successful.
*Securities or investments, as applicable, are offered in the (i) United States through MMC Securities Corp., a US registered broker-dealer and member NASD/SIPC, and (ii) European Union through MMC Securities Ltd., regulated by the Financial Services Authority for the conduct of investment business in the United Kingdom. Reinsurance products are placed through qualified affiliates of Guy Carpenter. MMC Securities Corp. and MMC Securities Ltd. are affiliates of Guy Carpenter.
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