Like the proverbial skunk at a garden party, I spoiled a perfectlycivil panel discussion among three mega-brokers on “leveraginginnovation as a market differentiator” by asking what innovationswere ahead to replace the billions their firms surrendered incontingency fees to settle bid-rigging allegations. Their responsesshowed there are indeed still hard feelings on the subject.
“The playing field is ridiculously unlevel,” grumbled Don Bailey,CEO of Willis North America, during the 19th Annual P-C ExecutiveConference, sponsored by the National Underwriter Company and ahost of top rating, consulting, private equity and law firms.
“Four people gave up contingency fees, while thousands ofbrokers did not,” he added, noting that some insurers and brokersare scrambling to come up with new forms of compensation that willpass muster with regulators and buyers.
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