NEW ORLEANS--Joe Plumeri, Willis Group Holdings chairman and chief executive officer, told National Underwriter he is rejecting insurers' new bonus compensation plans because they present the same conflicts of interest as the traditional contingency fees given up by the major brokerages two years ago.
In an exclusive interview, he said his intention "is not to show up carriers, but to stand by our principles."
"Any formula that suggests business be given to Tom, Dick or Harry based upon anything retrospective or prospective is a conflict," said Mr. Plumeri at a breakfast meeting in his hotel suite during the Risk and Insurance Management Society's annual meeting yesterday.
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