Gallagher Broker Justin Felker Recognized as a 2023 Captives Power Broker
Justin Felker, Area Vice President, Gallagher, Greenville, S.C.
A key benefit of captives is their ability to lower insurance premiums. That’s something Justin Felker also has a track record of helping companies to achieve.
For Warehouse Services’ September 1 renewal, he fully marketed all aspects of its casualty/captive program and 15-year captive relationship with its provider, PMA, including the fronting carrier, TPA and umbrella tower. He also proposed options to include coverage for a large trucking operation it had recently acquired within its enterprise program and captive.
After sourcing complete program options from four different carriers and seven different TPAs, Felker helped the firm achieve more than $700,000 in fixed-cost savings on the primary casualty/captive program while keeping the same per-claim retention. Within the umbrella/excess program, he also moved the primary $2 million layer into a transportation umbrella group captive. In the worst-case scenario, it would cost the same as renewing at a fully insured guaranteed cost rate. At best, it may provide an additional $315,000 to $780,000 in fixed-cost savings.
Felker’s approach to client service is to seek out and leverage all possible resources, strategies and relationships in order to put together the optimal risk management program to both protect their balance sheets and enable them to grow their businesses. One client said, “He also takes advantage of every opportunity to read up on and learn through meetings and interactions about new strategies, risks, products and clients.”
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 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.