Aon Broker Martyn Clark Recognized as a 2019 Hospitality Power Broker
Martyn Clark, Executive Director, Aon
Four Seasons is among the hotel sector’s best-known names, but isn’t actually a hotel owner. Instead, the company manages owners’ assets and its group insurance policy. Four Seasons suffered a $30 million claim from last January’s California mudslides.
Securing attractive terms for the 2018 renewal was a challenge for Martyn Clark, as owners could easily move their individual hotels to separate standalone insurers or alternative programs.
Maintaining the program’s integrity meant retaining current owners while expanding the premium base via new hotels; a task complicated by the program’s $500 million named windstorm sublimit being specifically allocated to three named hotels.
One option was to buy a program standalone excess layer, but pricing was high and capacity limited.
Instead, the solution chosen was to sublimit the $330 million windstorm limits for an Orlando location to $100 million — freeing up $230 million of new limits.
“During our last renewal period, we faced 30 percent-plus pricing increases as the industry was severely impacted by Harvey, Irma and Maria,” said Hyatt’s director of risk management, Jennifer Pack.
“While hotels in our property program weren’t impacted by these events, the markets and brokers indicated we should expect large increases regardless, due to the very nature of our business and locations.
“With the assistance of Martyn and his team, we were able to convince both new and incumbent markets that Hyatt is a great risk and also receive flat rates year-on-year.”
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.