Aon Broker Cabot Lyman Recognized as a 2019 Retail Power Broker
Cabot Lyman, Broker, Aon
Hurricane Maria devastated retail outlets, including those of a specialty name in apparel and personal care. With $20 million-plus in losses, its February 2018 renewal posed challenges for Aon’s Cabot Lyman. Yet hard work and an early start saw expiring terms and conditions maintained, with just one single-digit rate hike.
“Cabot fostered early and regular update meetings with our insurance partners to promote transparency and collaboration, while setting reasonable expectations for stakeholders,” said the company’s VP of risk management.
Drugstore chain Rite Aid already experienced challenging property renewals after losses from Katrina, Sandy and civil unrest in Baltimore.
Matters were further complicated in 2015 when rival Walgreens mounted a bid. After regulators vetoed the deal, Walgreens secured permission to acquire 1,932 Rite Aid stores and Aon returned over $1 million of premium.
Last February, amid the renewal process, Rite Aid then announced a merger with grocery chain Albertson’s. Despite the uncertainty, Aon renewed the program with incumbent markets on expiring terms and conditions and a 20 percent-plus premium decrease. The merger was ultimately rejected by Rite Aid’s shareholders.
“Cabot was a stabilizing force in a series of complicated renewals,” said the company’s VP of corporate social responsibility and risk management. “Her in-depth knowledge of our account and dogged determination helped us achieve favorable results under challenging circumstances.”
What is a Power Broker?
A Risk & Insurance Power Broker® is an individual who stands out among their peers for the exceptional client work they delivered over the past year. While brokers play many key roles in the insurance industry and risk profession, a Power Broker® award recognizes problem solving, customer service and industry knowledge.
Our goal is to broadly recognize and promote outstanding risk management and customer service among the brokerage community.
Who selects the winners?
Power Brokers are selected by Risk Managers based on the strength of the testimonials they provide to a team of 15 Risk & Insurance editors and writers.