EPIC Broker Neil Slattery Recognized as a 2019 Retail Power Broker
Neil Slattery, Managing Principal, EPIC
Global retailer Toys ‘R’ Us declared chapter 11 bankruptcy in September 2017. Neil Slattery quickly realized communication would be vital, as stores closed, foreign subsidiaries were spun off and contacts left the company.
In addition to regularly updating underwriters, claims adjusters, local brokers in foreign territories, loss control engineers and captive managers as the company wound down operations, Slattery had to respond to a changing risk profile as the risk management team shrank and bankruptcy lawyers and administrators moved in.
As renewal loomed, uncertainty meant the team didn’t know whether to place insurance coverage until three weeks prior to the expiration date. The program was no longer an operating multinational retail chain, but 450 vacant stores and distribution facilities — an unappealing prospect for most insurers. ‘
One of the incumbents initially issued a non-renewal, but after lengthy negotiations, it agreed to offer competitive terms the insured found compelling. Slattery revamped the program, making provisions for future developments over the next 12 months. This included negotiating time element coverage for any location sub-let before it was sold.
“Neil was instrumental in transforming our property program by delivering consecutive years of double-digit rate decreases while broadening coverage,” said a risk manager. “Not only is he an effective broker, but he is also personable and extremely responsive.”
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.