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Contingency Fees No Longer A Bonus, Marsh CEO Warns

Cherkasky throws down the gauntlet after swearing off controversial

By Mark E. Ruquet | Updated on February 26, 2006

Big brokers that continue to accept contingency fees will face a disadvantage against those that have sworn off controversial, volume-based bonus commissions, predicted the chief executive of Marsh & McLennan, Michael G. Cherkasky.

MMC’s president and CEO said the fact that its insurance brokerage arm no longer takes contingent commissions means Marsh will be forced to market its services on a value-added basis to grow its business. He predicted that clients will come to view brokers who accept contingents negatively, adding that Marsh will work to take advantage of that perception.

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