Risk & Insurance articles from February 2009

Risk & Insurance archives from February 2009

Reversals of fortune.
February 1, 2009... It was barely five years ago that former New York Gov. Eliot Spitzer took umbrage with the nation's biggest insurance brokerages, accusing them of price-fixing and steering business to favored carriers in exchange for money. Blasting away...

Captive taxes prorated.(NEWS & NOTES)
February 1, 2009... Legislation introduced in the Montana House of Representatives would ensure small captive insurance companies subject to the state's $5,000 minimum premium tax would have the assessment prorated during the year the captive was licensed. While...

Ironshore, Starr unite.(NEWS & NOTES)
February 1, 2009... A new insurance and reinsurance managing general agency will be coming to Bermuda, thanks to a joint venture between Ironshore Inc. and C.V. Starr & Co. Iron-Starr Excess Agency Ltd. will target clients purchasing catastrophic excess casualty...

AIG fund biz for sale.(NEWS & NOTES)
February 1, 2009... American International Group has officially announced its Fund Management Business is up for sale. Part of the AIG Global Real Estate business unit, the Fund Management Business operates 15 existing fund programs with more than $12.4 billion in...

Price trumps service.(NEWS & NOTES)
February 1, 2009... During difficult economic times, obtaining the best value for insurance purchases has become a growing focus while broker customer service has been de-emphasized, according to a survey from Greenwich Associates. More than 18,000 interviews with...

Fla. WC rate increases.(NEWS & NOTES)
February 1, 2009... Florida workers' compensation rates will increase 6.4 percent starting April 1, reflecting an October ruling by the state Supreme Court that claimant attorneys must be granted reasonable fees in workers' comp cases. Florida Insurance...

Insurer loses in Wisc.(NEWS & NOTES)
February 1, 2009... A decision against Liberty Mutual in an asbestos injury case could have far-reaching impact on insurance litigation in Wisconsin. The state Supreme Court ruled that Liberty, who argued the hundreds of claims should be considered one occurrence,...

The economic downturn and broker M&A.(FIRMS TO WATCH)
February 1, 2009... An economic downturn had its impact on the number of brokerage acquisitions in 2008, that's a documented, mathematical fact. "I think that there were agencies that felt it wasn't a good time to sell, because of the market conditions," said...

Brown & Brown staying on the muscle.(FIRMS TO WATCH)
February 1, 2009... There were only a few insurance brokerages that bucked the trend in a chaotic 2008 and increased their number of acquisitions. Arthur J. Gallagher & Co. was one, and markedly so, but so was Daytona Beach, Fla.-based Brown & Brown Inc. To...

Banks and broker cross-selling.(FIRMS TO WATCH)
February 1, 2009... For banks looking to diversify their noninterest income through the business of insurance, their own customer base continues to be the starting point for growth and success even in these challenging times--perhaps especially in these...

The finalists.(POWER BROKERS)
February 1, 2009... The winners of the Power Broker Awards appear hers in print on the following pages. However, because of the depth of talent in our applicant pool this year, we also have designated Power Broker Finalists in some of the categories. You can find...

How the best brokers handled AIG.(POWER BROKERS)
February 1, 2009... When news broke that mega-insurance carder AIG was teetering and the government was stepping in with bundles of cash, risk managers everywhere held their breath. Was AIG in their insurance program? And if so, should they immediately jettison...

The steps to consider, break out and validate broker fees.(BROKER FEES)
February 1, 2009... Our guest writer Carolyn M. Snow details just what sort of homework risk managers should be doing when it comes to broker fees and service contracts. We're talking, bullet-point to-do lists and best practices. To read the rest of this...

Power Brokers 2009: crunch time for brokers, there's nothing quite like a financial crisis to test their commitment to service and to stretch their imaginations in the service of clients.(POWER BROKERS 2009)(Cover story)
February 1, 2009... [ILLUSTRATION OMITTED] The big story in 2008 for the nation's top commercial brokers wasn't a sudden shortage of property/catastrophe capacity brought on by a pair of hurricanes. Nor was it a rate change from soft to hard in certain lines....

Value-based plan designs give another face to consumerism: consumerism in health deepens with the advent of value-based plan designs.(PERSPECTIVE: Advertising Feature)
February 1, 2009... Research has shown that when consumers are engaged in the management of their own health they can make better decisions that, in turn, may yield better clinical and financial outcomes. Consumer-driven health plans drove an important revolution...

The accidental broker: many brokers don't begin by planning to go into the insurance business. But once they're there, they can't imagine being anywhere else.(POWER BROKERS: 40 UNDER 40)
February 1, 2009... [ILLUSTRATION OMITTED] Can you picture it? Can you picture an apple-cheeked schoolgirl reading this homework assignment to her first-grade classmates? "What I Want to be When I Grow Up," she reads solemnly. "When I grow up, I want to be an...

Storylines coined by these young producers: in the insurance brokerage business you're still young at age 40, and even they've got a story.(POWER BROKERS: 40 UNDER 40)
February 1, 2009... No young broker encapsulates the random journey into the world of commercial insurance brokerage more succinctly than Bain Head, 38, a casualty lines broker with McGriff, Seibels & Williams in Houston. "I accepted a position as a 'risk...

Assessing the true value of a broker relationship.(CEO PERSPECTIVE: Advertising Feature)(Company overview)
February 1, 2009... In today's challenging economic environment, it's tempting for clients to choose a broker based on cost alone. However, the true value of a broker involves much more than bottom line pricing. You have to consider so much more than the cost of...

A fresh start for Marsh? After a false start or two in the wake of the contingent commissions scandal unleashed by former New York Attorney General Eliot Spitzer, Marsh's captains say their ship is finally on the right tack.(POWER BROKERS: FIRMS TO WATCH)(Company overview)
February 1, 2009... [ILLUSTRATION OMITTED] It's been a rough few years for Marsh Inc., the global insurance brokerage operation of parent Marsh & McLennan Cos. But the turnaround looks to be under way, and not a moment too soon. The downhill slide began...

Gunning the revenue needle: Beecher Carlson snaps up property brokers in the wake of last year's mergers, adding to its traditional casualty strengths.(POWER BROKERS: FIRMS TO WATCH)
February 1, 2009... [ILLUSTRATION OMITTED] When important commercial insurance property brokers jump ship to Beecher Carlson from much larger firms, it's time for a peek under the hood. Beecher, based in Atlanta, is doing very well, thank you very much....

Hard sell cross-sell? Wells Fargo Insurance Services Inc. is one to watch as it integrates Wachovia's insurance unit and bets on its ability to sell insurance products to banking customers.(POWER BROKERS: FIRMS TO WATCH)
February 1, 2009... [ILLUSTRATION OMITTED] The recently combined Wells Fargo and Wachovia insurance operations rank among the top five brokers in the country and continue the tradition of looking to their banking cousins' customer base as a source of organic...

Buyers/sellers: a long history: from Washington to Obama, a people business evolves and prospers as it meets the needs of a world in which risks grow more complex.(POWER BROKERS: FAMILY TREE)
February 1, 2009... [ILLUSTRATION OMITTED] The first American insurance agency opened in 1795 in Charleston, S.C., and advertised "a choice of underwriters, as well as all possible indulgence in the payment of premiums." In the authoritative history of...

The great combo show: the 2008 Willis-HRH blockbuster combo vaults the merged firm into the No. 2 spot in the North American marketplace as a credit crisis dampens dealing.(POWER BROKERS: MERGERS)
February 1, 2009... [ILLUSTRATION OMITTED] The insurance brokerage puzzle saw several pieces rearranged last year as an easing of the contingency ban for the Big Three (Marsh, Aon and Willis) and the global financial crisis paved the way for some major...

Power brokers: automotive.
February 1, 2009... [ILLUSTRATION OMITTED] Heidi Bauermeister Senior Vice President, Casualty Practice Marsh, New York Finding More Cash for the Cash-Strapped Let's face it, the U.S. automotive industry is in its worst shape in modern...

Power brokers: aviation.
February 1, 2009... [ILLUSTRATION OMITTED] Anna M. Adams Managing Director Aon, Chicago Running the 24/7 Renewal With one of Anna Adams' clients, a large aerospace company, the renewal process is almost a constant activity during the policy...

Power brokers: chemicals.
February 1, 2009... [ILLUSTRATION OMITTED] Paul Chirchirillo Managing Director Marsh, New York Guiding Light Many brokers make the final cut for Power Brokers by continuing service to existing clients, others by winning new clients. Even...

Power brokers: construction.
February 1, 2009... [ILLUSTRATION OMITTED] Dian Blake, CIC, AAI, AU, AAM, CRIS Senior Vice President, South Partnership Construction Project Risk/Wrap-Up Practice Leader Marsh, Atlanta Building Credibility One Project at a Time "Credibility,"...

Power brokers: energy.
February 1, 2009... [ILLUSTRATION OMITTED] Richard Blades, CPCU Vice Chairman John L. Wortham & Son, Houston An Oil Man One risk manager said that Blades made a huge save in a very large loss due to Hurricane Katrina, almost $300 million,...

Power brokers: entertainment-sports.
February 1, 2009... [ILLUSTRATION OMITTED] Shirley Griffith-Bourke, ARM Managing Director Arthur J. Gallagher, Glendale, Calif. Relentless and Reasonable All in One When Shirley Griffith-Bourke this past year left Aon/Albert G. Ruben after...

Power brokers: gaming/hospitality.
February 1, 2009... [ILLUSTRATION OMITTED] Richard Clark Managing Director, Gallagher Hospitality, Arthur J. Gallagher, Houston Keeping the Mental Light on for You Richard Clark has been in insurance longer than some brokers in the "40 Under...

Power brokers: environmental.
February 1, 2009... [ILLUSTRATION OMITTED] Rick Craig Senior Vice President National Environmental Practice Leader Beecher Carlson, San Francisco A Prized Partner Last year, Rick Craig closed a two-year process on the largest mixed-use...

Power brokers: financial institutions.
February 1, 2009... [ILLUSTRATION OMITTED] Aaron F. Davis Managing Director, Aon National Property Brokerage Aon, New York The Talent Template Aaron Davis broke ground in 2008, helping a leading investment bank to obtain one of the first...

Power brokers: fine art.
February 1, 2009... [ILLUSTRATION OMITTED] Sandra Berlin Vice President Willis HRH, Chicago A Broker Who Can Take the Heat Sandra Berlin has a special place for Miami and her clients there. And the affection is returned. No better example of...

Power brokers: global brokers.
February 1, 2009... [ILLUSTRATION OMITTED] Michael P. Dellova Executive Vice President Willis HRH, New York The Service Custom There is probably no such thing as a simple global insurance program, especially for large clients with facilities...

Power brokers: higher education.
February 1, 2009... [ILLUSTRATION OMITTED] Beverly Costello, ARM, RPLU Senior Vice President Marsh, Hartford, Conn. Wielding Influence Beverly Costello is one of a handful of higher education brokers who've spent time as a university risk...

Power brokers: healthcare.
February 1, 2009... [ILLUSTRATION OMITTED] Kevin J. Downs Executive Vice President Willis HRH, Chicago No Ego This recognition places as much emphasis on industry knowledge as anything else, and that is one of many areas where Willis HRH's...

Power brokers: long-term healthcare.
February 1, 2009... [ILLUSTRATION OMITTED] Terrence Dreyer Senior Vice President Marsh, Chicago Building Relationships for the Long Term It's one thing to get a recommendation on a broker from a risk manager. After all, that broker has...

Power brokers: nonprofits.
February 1, 2009... [ILLUSTRATION OMITTED] Joan Dove, CPCU Area Executive Vice President Arthur J. Gallagher, San Francisco Broker as Trusted Teammate When you've specialized in a particular industry for more than 20 years, you can afford to...

Power brokers: marine.
February 1, 2009... [ILLUSTRATION OMITTED] William T. "Bill" Davis, CIC, ARM Senior Vice President Wells Fargo, Seattle Going the Extra Yard Bill Davis came up with an innovative solution last year for shipbuilding clients who were...

Power brokers: pharmaceuticals.
February 1, 2009... [ILLUSTRATION OMITTED] Hilda M. Batlle Vice President Aon, New York Batlle Star Dominicana Even as a relative newcomer, Hilda Batlle has made a powerful impression among her clients for her hard work and dedication. ...

Power brokers: public sector.
February 1, 2009... [ILLUSTRATION OMITTED] John G. Chino, ARM-P Area Senior Vice President Arthur J. Gallagher, Aliso Viejo, Calif. The Pain Killer Could this happen to you? You've been hit with a huge lawsuit due to the actions of a...

Power brokers: real estate.
February 1, 2009... [ILLUSTRATION OMITTED] Jeffrey S. Alpaugh Managing Director, Global Real Estate Practice Leader Marsh, Boston No Little Feat As Marsh's Global Practice Leader for real estate, Alpaugh is responsible for client retention...

Power brokers: retail-wholesale.
February 1, 2009... [ILLUSTRATION OMITTED] Gary W. Bull, ARM Managing Director Retail/Wholesale Industry Practice Leader Marsh, San Francisco Dominant in the Retail Bullring A Power Broker doesn't necessarily have to spend time in the...

Power brokers: technology.
February 1, 2009... [ILLUSTRATION OMITTED] Joseph B. Inge Managing Director Arthur J. Gallagher, San Francisco A Treasured Broker Joseph Inge, managing director at Arthur J. Gallagher in San Francisco, wins praise from clients for being a...

Power brokers: telecommunications.
February 1, 2009... [ILLUSTRATION OMITTED] Sara Benolken Executive Vice President Industry Leader--Tech & Telecom Willis HRH, Austin, Texas Bridging the Gap Sara Benolken, industry leader for technology and telecommunications for Willis...

Power brokers: transportastion.
February 1, 2009... [ILLUSTRATION OMITTED] Deborah Bates, ARM Vice President Aon, Baltimore Well Trained Over the Pond Deborah Bates is proof that there's room for more than one railroad guru at Aon. Working under Jim Beardsley in the firm's...

Power brokers: utilities.
February 1, 2009... [ILLUSTRATION OMITTED] Jonathan Ball Managing Director Marsh, New York The Dark Knight Actual losses don't phase most risk managers. Those are part of the job. But there are two instances when a risk manager will flash...

Power brokers: workers' comp.
February 1, 2009... [ILLUSTRATION OMITTED] James Bacon, ARM Principal Integro, San Francisco Principal... and Principled Clients praised James Bacon for a multifaceted process-driven approach that attacks current and outstanding...

Feel free to talk about fees: having the talk: why, how and when to approach your broker to discuss fee-based services.(VIEWPOINT)
February 1, 2009... There comes a time in every committed relationship where it is necessary to have the dreaded talk. You know the one about money. And anyone who has raised teenagers knows that the talk comes frequently, includes a fair amount of emotion and...