Risk and reinsurance intermediary Guy Carpenter has hired a chief operating officer to its Global Strategic Advisory Group as it seeks to join-up its offering for clients, enabling them to take advantage of new alternative reinsurance capital sources, such as the capital markets and third-party investors.
Barbara C. Bufkin has been appointed as Chief Operating Officer for Guy Carpenter’s Global Strategic Advisory Group and will be based in New York. Bufkin will report into David Priebe, Vice Chairman of Guy Carpenter and Richard Booth, Vice Chairman of Guy Carpenter. The role will see Bufkin responsible for delivering integrated offerings to insurance company clients.
The importance of a strategic consultancy type approach to reinsurance brokerage, Guy Carpenter’s bread and butter business, and to capital market services, the type of offering GC Securities provide, is increasingly important. Insurance company clients want access to the full range of capital that is now available in the market and a strategic approach to client servicing is key.
A joined-up approach to client service is also something that is likely to grow in importance as the options available to reinsurance and retrocession clients become more broad. The options in terms of risk transfer instruments and where risk capital comes from are changing rapidly and this change and evolution of reinsurance is going to require firms to take an integrated approach.
Guy Carpenter clearly recognises that there is a very important role to be played in client liaison in the current reinsurance market, particularly as it is undergoing so many changes right now. Being able to offer an integrated and strategic approach to its clients, agnostic of capital source and risk transfer instrument is a sound approach for helping insurer clients to navigate the wealth of risk transfer options available.
Bufkin served as Executive Vice President, Corporate Business Development with Argo International Holdings, Ltd. for nearly 12 years, working in Texas, Bermuda and most recently London, helping to build the foundation of the company. She has more than 30-years experience of the insurance industry, having also served as Director of Swiss Re New Markets, and as Chairman, President and CEO of Swiss Re subsidiary, Facility Insurance Corporation (FIC) and Facility Insurance Holding Corporation (FIHC). Bufkin has also held additional executive positions in the insurance industry, including with Sedgwick Payne Company and E.W. Blanch Company.
“Our Strategic Advisory Group is helping clients make the most of new forms of capital and build more diversified portfolios. We are helping insurers enter new markets and develop the differentiated products, distribution channels and alliances that will produce sustainable results. Barbara’s extensive international and industry experience will support us as we continue to deliver these critical strategies to insurers seeking to achieve profitable growth,” commented Alexander Moczarski, President and CEO, Guy Carpenter & Company.