Aon Broker James Bennett Recognized as a 2019 Traditional Energy Power Broker
James Bennett, Vice President, Aon
“In the second half of this year, we had many changes. [We] spun-off one business segment into its own public entity,” said one risk manager.“ Then, just a few weeks later, we were purchased by a major global corporation.
“To meet all contractual requirements, we had to develop and obtain a stand-alone program for the spun-off company and also develop and obtain a new insurance program for the remaining business unit.
“James consistently came up with solutions to various issues, maintained excellent professionalism in very stressful situations and delivered on placing two excellent programs for two very different business units.”
One manager of insurance and risk in pipelines and processing noted, “With the limited available markets in the primary midstream segment, we have been able to replace some old carriers and configure our primary policy with London markets for savings.
In 2018, James was able to get us a 10 percent rate decrease for our workers’ comp program and an overall 5 percent rate decrease for our excess tower.”
The key was a total-cost-of-risk approach. Given the client’s recent claims history, Bennett was able to develop credible loss forecasts for the client’s primary casualty programs. He proposed two unique alternative structures for the client’s excess liability program to improve the pollution coverage, which was most relevant to the operation.
During the renewal the client used this analysis to decide to increase retentions to save over $1 million in premium.
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.