Marsh has tapped an AIG executive and former employee, Daniel S. Glaser, as its new chairman and chief executive officer. His task is formidable--to turn around a troubled firm challenged by the softening commercial insurance market and the surrender of some $1 billion in contingency fees following the settlement of bid-rigging charges that tarnished the mega-broker's reputation.
"I spent the first years of my career at Marsh," Mr. Glaser recalled in an interview with National Underwriter. "I met my wife at Marsh. I'm concerned what happened to it, and even though I'm realistic about the challenges that we face at Marsh, I've got a tremendous amount of optimism that we can put that right."
Last week, Mr. Glaser--the 47-year-old managing director of American International Group Europe (U.K.) Ltd., and the regional president of AIG's American International Underwriters' United Kingdom/Ireland division--was tapped to return to the brokerage firm that launched his career.
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