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.
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