NEW YORK–Willis Group Holdings' new chief executive has provided a sign of continuity, following the principals of former CEO Joe Plumeri on the issue of contingent commissions–on a case-by-case basis.
In a press conference prior to the insurance brokerage firm's Investor Day, CEO Dominic Casserley says when it comes to contingents the firm will continue to operate under three principals: they are in the client's best interest; they are transparent to the client, they are sustainable from a regulatory standard.
However, he ruled out “simple volume based contingents” because they do not pass the first test. He notes that last year when the firm decided it would take contingents on employee benefits business Willis discussed the issue with clients and carriers and a decision was reached that it would be in their best interest.
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