Marsh doesn’t want them but Jerry Alderman and Mike Neville will gladly take them.
Marsh Chief Executive Officer Michael Cherkaksy recently announced his firm’s intention to stop writing certain large and middle market accounts as part of its plan to rebound following contingent fee and bid rigging investigations.
“As part of its new business model, Marsh will no longer service thousands of small commercial accounts around the world and will walk away from unprofitable large accounts as well,” Cherkaksy said during a recent analysts conference call. Cherkaksy even said Marsh would help these unwanted accounts find another broker.
“Look no further,” Alderman and Neville replied in a quick-response quarter-page advertisement captioned “Marsh’s CEO States” that ran in The Boston Globe business section on March 7.
Alderman and Neville are principals at InterNational Insurance Group, Ltd., a privately held commercial insurance brokerage firm based in Boston. The firm’s ad invited Marsh to send those unwanted accounts its way and encouraged insureds to give IIG a try.
“We’ve gotten tons of calls,” Alderman told Insurance Journal. Calls have poured in from CEOs and CFOs. IIG even got one from a manager at one of the big three brokerages crediting him for seizing the opportunity created by Marsh’s withdrawal from markets.
The lesser-known IIG specializes in larger middle market risks, from $1 million and up, and has access to London and Bermuda and the expertise to handle very complex cases. “We’re in the market to compete with Aon, Willlis and Marsh,” Alderman said.
“Our business model is built to provide exemplary service and innovative insurance solutions to every customer, big or small,” said the firm’s advertisement, which included a photo of the two brokers, smiling.
The firm’s web site is www.iig.bz.
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