It was in 2005 at the height of the Spitzer investigations when Aon, Marsh and Willis divested their wholesale brokerage operations to avoid appearances of conflict of interest with their retail side. But 2013 might be the year they re-enter the wholesale segment.
Insurance mergers specialist Kevin Donoghue, president of Mystic Capital Advisors Group, said he sees some large retailers creating new specialty programs “on the side [that] really [have] the look and feel of what they had but not having that specific wholesale unit separately branded. They have specific programs, specific niches that they’re developing. If they’re ever to bring those niches together, they could certainly stamp a new wholesale brokerage name on it.”
Aon, which formerly owned Swett & Crawford, said it has “no plans to re-enter the wholesale business.” Willis, which sold wholesaler Stewart Smith, wouldn’t comment. Former Crump owner Marsh said, “If at some point is makes sense, from a client perspective, for Marsh to operate its own wholesale business, then it might be considered.”
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