NU Online News Service, May 6, 3:17 p.m. EDT--Guy Carpenter & Company, the reinsurance brokerage unit of Marsh & McLennan Companies, said its compensation disclosures to clients--which previously included only information on treaty placements--have now been expanded to include facultative placements.
By disclosing to clients its compensation information on facultative placements as well as treaty placements, Guy Carpenter said it now has a single "Global Disclosure Doctrine" that addresses all reinsurance placed by the broker throughout the world.
Guy Carpenter said its disclosure policy includes the following elements:
o Present all new clients with a copy of the broker's "Global Disclosure Doctrine" when working on new facultative business.
o Disclose to clients a range of brokerage rates applicable to facultative reinsurance transactions in the regions of the world where the broker operates.
o Any upward deviation in brokerage rates will be disclosed to the client.
o Guy Carpenter will only work on a reinsurance placement with a retail agent, broker or other representative of an insured when they confirm that the insured has agreed to our participation.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.