Marsh McLennan Agency Broker Patrick Miller Recognized as a 2023 Captives Power Broker
Patrick Miller, Senior Client Executive, Marsh McLennan Agency
Even with an exceptional loss history, companies may face difficulty in securing the right coverage at an affordable price in certain markets. That was Rainey Used Cars’ recent experience.
As one of the largest used automobile dealers in the Southeast, it has sought to capitalize on its strong claims record and robust risk and safety controls, which range from cameras on premises and walk-through inspections to driver training and fleet manager interviews and job descriptions. But due to many carriers pulling coverage, insurance options were limited.
That all changed when Patrick Miller introduced the company to Marsh McLennan Agency’s alternative risk finance team and the group captive option. After carrying out a profitability analysis, he determined that the firm would be turning its insurance program into a profit center, enabling it to take control of its own program and make premium cost savings.
“When Patrick first became our broker in 2020, he saved us about $110,000 per year on insurance,” said Thomas Rainey, CFO of Rainey Used Cars. “With our recent swap to the captive, our up-front premium remained about the same, but we should now earn back about $160,000 of our premium if our loss rate stays consistent with our five-year average.”
An expert in several different fields, Miller is also working with Georgia’s Accountable Care Organization/Management Services Organization group of physicians, of which his client Albany Internal Medicine is a part, to develop a captive solution that will drastically reduce medical malpractice premium costs for the group.
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.