Aon Broker Stephen Busch Recognized as a 2019 Pharmaceutical Power Broker
Stephen Busch, Broker, Aon
Stephen Busch was able to achieve a great renewal result for a fast-growing maker of more than 400 health and wellness products.
The client has experienced strong revenue growth over the past several years and forecasted further growth for the upcoming year. Busch recommended remarketing the program based on an expanding availability of excess casualty insurers, thus allowing a favorable market environment to drive the best terms, conditions and pricing.
In addition, Busch and his team were able to mitigate the premium impact of increasing total exposures by providing a breakout of international vs. U.S. revenues, as the company’s revenue growth was more international — which carried lower overall rates.
While pricing was a primary concern, Busch and his team endeavored to broaden the scope of coverage for certain professional liability exposures not previously covered and to also look at different retention options to present to the client to manage the company’s total cost of risk.
The client maintained a captive insurance program for its primary layer of coverage, which allowed the flexibility to craft coverage, retentions and favorable policy wording that were both favorable to the client but acceptable and followed by the risk transfer carriers on the excess program.
“Stephen Busch’s understanding of our business and our exposures helped get us an almost 30 percent reduction on our product liability premiums,” the client said.
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.