Risk managers see no boost in broker fees despite loss of contingency revenue
Despite investigations by New York Attorney General Eliot Spitzer that led to charges of bid-rigging and fee abuse by Marsh, the brokerage is still rated as the best of its kind overall by risk managers at jumbo firms, a survey by a leading analyst found.
However, the survey–conducted by Banc of America Securities–also found that a growing number of risk managers are seeking to divide their business among several brokers. In addition, broker fees remained flat despite the abandonment of insurer contingency fees by the three largest brokers–a move prompted by the Spitzer probes.
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