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INTERVIEW: The world according to Guy Carp
16 October 2009
Anyone who thinks Guy Carpenter is happy to be left in the shade following Aon buying Benfield had better think again. Since taking over as CEO last year, Peter Zaffino has knocked the firm into shape, bought US broker
Collins and is now targeting aggressive growth in Europe.
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Guy Carpenter
Peter Zaffino
When chief executives are announced with immediate effect, it is normally a sign that all is not well at the firm. And so it was with the appointment of Peter Zaffino as chief executive officer of reinsurance broker Guy Carpenter on February 27 last year.
Guy Carpenter’s parent, Marsh & McLennan Companies (MMC), had appointed industry veteran Brian Duperreault as its CEO a month earlier to turn around the broking powerhouse. MMC was struggling to produce good returns. The biggest problems were at its insurance broking arm Marsh, which had not recovered from former New York attorney general Eliot Spitzer revealing bid rigging at the firm in 2004 and removing contingent commissions as a lucrative source of income.
The reinsurance broking division had not been free from problems, however. Duperreault clearly thought change was needed. Zaffino’s appointment was one of his first actions as CEO. Zaffino replaced David Spiller, the...
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