Larger regional brokerages face fewer legal and regulatory challenges than their large global competitors and have added business after investigations hit top echelon brokers, said one investment bank analyst.

Morgan Stanley property-casualty analyst William Wilt made that observation after hosting a recent day-long conference focusing on the insurance brokerage industry that featured panels of risk managers, regional and global brokers, and reinsurance brokers.

While Marsh McLennan, Aon, Willis and A.G. Gallagher have pledged in settlements not to accept contingency fees as part of agreements with investigating regulators, their competitors have not made any such agreements.

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