Aon Broker Michael McCoy Recognized as a 2021 Manufacturing Power Broker
Michael McCoy, Managing Director, Aon
For Mike McCoy, solving unique risk and coverage problems is second nature. A client raved, “He does great job not only with the basics (tactical) but also thinking of the strategic part of who will be a good long-term partner for us.”
One client entered the 2020 renewal period after having suffered a large loss in an already hardening market. The client entered the renewal with the goal of keeping its retentions the same as the expiring level.
McCoy worked the marketplace and presented the client with nine casualty quotes. While the incumbent initially decreased capacity because of the competing quotes, McCoy was able to negotiate a more favorable package from the incumbent.
The outcome: A program that met the client’s goals, maintaining previous limits and retentions.
Another client needed to restructure its primary GL program at renewal time to meet new land lease contract requirements. The client wanted to maintain its usual self-insured retention of $100,000, however the new contracts required the SIR to be $25,000.
McCoy structured the new program with the required $25,000 SIR and placed a $75,000 unaggregated corridor deductible on top.
McCoy’s strength lies in his ability to adeptly manage client expectations. Particularly important with a challenging coverage year like 2020, McCoy communicated with clients to explain coverage gaps and if coverage would extend.
One client appreciated this, and said, “He communicated early and often about what the market was doing.”
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.