Reinsurance broker Guy Carpenter has established a new unit offering retrocession services to clients in the Asia-Pacific region.

GC Asia-Pacific Retro is led by Simon Hughes, who also continues his role as senior broker for the Guy Carpenter Australasian business.

Mr Hughes has worked in the Asia-Pacific division for more than 21 years and will be based in London. Ben Dunnett, a member of the non-marine specialty team for 10 years, becomes Senior VP, based in Singapore.

Both will report to Head of Non-Marine Specialty James Boyce and International Division President James Nash.

“The remit of the team is expansive and spans retrocession solutions, capital raising and product development to meet the broad-spectrum needs of our clients,” Mr Nash said.

Guy Carpenter says the unit aims to grow the region’s retrocession market, while expanding the potential offered by insurance-linked securities.