Guy Carpenter had launched a new marine and energy mutual agency and captive reinsurance solutions practice.
The move comes as a hardening marine insurance market is expected to encourage the growth of alternative sources of insurance.
The reinsurance broker said that the marine and energy sector will play a key role in its growth strategy.
The new unit will operate within the existing Global Marine and Energy Specialty Group and is to be headed by managing director Demian Smith.
Smith has 25 years experience of the London insurance market where he has worked in the mutual, agency and captive sectors.
Before joining Guy Carpenter he was a consultant for Lloyd’s broker Smith Bilbrough & Co and was group chief executive of Starstone Holdings Limited, a subsidiary of Enstar Group.
Guy Carpenter's Global Marine and Energy group is headed by Jim Summers who said he sees plenty of potential in the captive and mutual agency marine market.
He said Guy Carpenter had extensive experience of the sector and would be able to match capital and risk more efficiently under the new outfit.
“The role of mutuals, agencies and captives in providing targeted underwriting facilities to the marine and energy market has increased exponentially in recent years as carriers have looked to access niche sectors and distribution channels,” he said.
