Larger regional brokerages face fewer legal and regulatory challenges than their global competitors, and have added business after investigations hit top-echelon brokers, one investment bank analyst contends.
Morgan Stanley property-casualty analyst William Wilt made that observation after hosting a recent day-long conference focusing on the insurance brokerage industry that featured panels of risk managers, regional and global brokers, and reinsurance brokers.
While Marsh, Aon, Willis and A.G. Gallagher have pledged in settlements to no longer accept retail contingency fees as part of agreements with investigating regulators, their competitors have not made any such concessions, giving them a competitive edge, he noted. In addition, the big brokers have been forced to disclose their compensation in more detail than perhaps risk managers would care for.
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