New York–Patrick Ryan, Aon Corp. chairman, speaking at an insurance industry conference, said over the long term brokerages will benefit from a more transparent environment that is being created by investigations of their business.
Appearing at this week's Standard & Poor's annual insurance conference titled "Insurance 2005: Under the Microscope," Mr. Ryan acknowledged that in the short term brokers will be hurt by income lost after investigatory pressure led them to end contingent-fee arrangements
The fees have been dropped by the four biggest U.S. brokers==Mr. Ryan's Aon, Marsh & McLennan Cos., Willis Group Holdings Ltd., and Gallagher. However, Mr. Ryan said brokers will benefit over the long term because of the more transparent environment.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
