Aon Broker Phillip Faries Recognized as a 2025 Manufacturing Power Broker
Phillip Faries, Vice President, Aon
When Phillip Faries’ client Haworth International was faced with a significant limit reduction and a rate increase at renewal, he knew he had his work cut out.
With courts opening back up after COVID and nuclear verdicts rising, markets were looking to reduce exposure by managing their aggregates and pricing limits accordingly, putting greater pressure on renewals.
In his client’s case, the lead umbrella needed to cut back from $25 million to $15 million, while the first excess market needed to reduce from $25m to $10m. With a substantial premium rise and the loss of 50% of its tower’s capacity, a full marketing effort was needed.
Faries and the primary broker agreed the best outcome was to work together to build a combined primary/umbrella option. After securing the primary layer, he used the markets that compete on the umbrella to complete the tower, in total leveraging 23 different options.
Faries also managed to reduce the rate by 28.8%, on the same terms.
Faries also helped another client, Miner Enterprises, to reduce its premium 7.15% by securing a new insurer for its primary general liability coverage.
Becca Garcia, director of administration at Miner Enterprises, said: “Phil has a rare gift of being able to see the bigger picture with coverage towers and limits, and how to stack. He thinks proactively and acts proactively. He is, honestly, one of the smartest and most skilled people I have ever worked with.”
2025 Manufacturing Power Broker Winners and Finalists
A Risk & Insurance Power Broker® is an individual who stands out among their peers for the exceptional client work they have 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.