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Growing urban market prompts Guy Carpenter & Company to join forces with the Urban Insurance Partners Institute
Contact: Tammy L. Rader
(317) 580-2599
April 3, 2003

CHICAGO … The growing urban market is prompting Guy Carpenter & Company, Inc. of Pennsylvania to join forces with the Urban Insurance Partners Institute (UIPI).

“Urban areas are significant since the majority of the U.S. population lives in or near cities,” says Greg Ostrowski, managing director of Guy Carpenter’s Pennsylvania office. “Between the commercial and personal side of the business, it’s extremely important to be part of communities and support UIPI’s work.” The Urban Insurance Partners Institute is a nonprofit insurance industry group dedicated to promoting the availability of insurance in urban areas.

“As a world leader in the risk and reinsurance business, Guy Carpenter adds essential expertise to insurers operating in the urban environment, which benefits the institute,” notes Suzanne Reade, UIPI president. “A lot of support insurance companies can make available to insureds is based on reinsurance backing.”

Effective reinsurance can help companies manage balance sheet risk, control earnings volatility, free up capital, venture into new lines of business and exit from unprofitable lines, Ostrowski notes. Guy Carpenter provides reinsurance and risk management solutions to clients worldwide as part of the March & McLennan Companies. A need to spread the risks of harvested cotton led to Guy Carpenter’s founding nearly 80 years ago.

Ostrowski believes the knowledge UIPI can provide to companies on urban markets is vital. “The majority of UIPI supporters are our clients,” he comments. “We thought it was important to join also to work with them and the institute on any current or developing problems in that marketplace.”

Guy Carpenter has offices in 19 North American and 25 international cities, offering a wide range of services. These include Special Property, Professional Liability, Life and Annuity, Accident and Health, Environmental, Workers Compensation, Surety and Fidelity, Agriculture, Finite Reinsurance, and Program Managers Solutions.

Ostrowski encourages reinsurers to support the institute, “because of the information the institute can provide to this specific marketplace that they may not have access to.”

The Chicago-based Urban Insurance Partners Institute seeks to provide insurers with the tools necessary to be successful in urban areas. For more information on the institute and its programs, see www.uipi.org or call (773) 880-8780.