Once again, Pulmeri is re-writing history, as well as the business position of the company, while under his leadership, did participate in the bid-rigging that gave a black eye to the whole industry.
To the point; the Willis position on contingent commissions is limited to its “retail insurance brokerage business” only. The “refusal” to accept contingent commissions only applies to part of Willis’ operations.
Also, as noted in their 2009 Annual Report, Willis noted that they have converted 90% of HRH’s contingent commissions to higher standard commissions, or have reaffirmed with carriers that existing agreements to remain in force for so long as permitted by regulatory authorities.
Before the industry accepts this garbage from Willis – it should look closely at the facts, which includes the fact that they are accepting contingent commissions.
If independent agencies always do what is in the client’s best interest, there won’t be any problems! The idea is to keep the client happy and with your firm, not build a contingency level. If it happens, great, but don’t steer it!
Independent Agents urge Risk Managers not to work with any Insurance Broker, big or small found with past improprieties involving contingent income or compensation arrangements. Full disclosure of compensation is a good thing, regardless of the form including contingent commissions.
Is there nothing this guy does’nt have the answer to?
Once again, Pulmeri is re-writing history, as well as the business position of the company, while under his leadership, did participate in the bid-rigging that gave a black eye to the whole industry.
To the point; the Willis position on contingent commissions is limited to its “retail insurance brokerage business” only. The “refusal” to accept contingent commissions only applies to part of Willis’ operations.
Also, as noted in their 2009 Annual Report, Willis noted that they have converted 90% of HRH’s contingent commissions to higher standard commissions, or have reaffirmed with carriers that existing agreements to remain in force for so long as permitted by regulatory authorities.
Before the industry accepts this garbage from Willis – it should look closely at the facts, which includes the fact that they are accepting contingent commissions.
NAVG.
Ken Lay is proud of you, Joe
I am proud of you too, Joe.
If independent agencies always do what is in the client’s best interest, there won’t be any problems! The idea is to keep the client happy and with your firm, not build a contingency level. If it happens, great, but don’t steer it!
Willis; oh so self righteous and holier than thou….blah, blah, blah
Independent Agents urge Risk Managers not to work with any Insurance Broker, big or small found with past improprieties involving contingent income or compensation arrangements. Full disclosure of compensation is a good thing, regardless of the form including contingent commissions.
Joe Plumeri is an arrogant pain in the butt. Do what you want Joe…don’t tell our industry how to conduct business.