Marsh Broker Scott Smidlein Recognized as a 2019 Renewable Energy Power Broker
Scott Smidlein, Assistant Vice President, Marsh
“Scott took on the role of not just broker, but risk management advisor for us in 2018, in the absence of the necessary resources internally,” said one insurance risk manager of Marsh’s Scott Smidlein. “I rely on Scott to identify exposures and help with the transfer of risk. Scott was instrumental in the marketing of our property program. He was able to negotiate a two-year deal amid the hardening market and double-digit rate increases for peers.”
One of Smidlein’s clients began a complete transformation from traditional to renewable energy. After reviewing the current placement, Smidlein determined it was better to modify the existing program rather than start tabula rasa.
Smidlein came back from the markets with insight that helped to hone the insured’s long-term renewable-energy initiative. The revised insurance program modified the acquisitions plan, helping to determine which facilities to buy and which to let pass.
Another client had a large storm-related loss to their solar assets. The size of the loss was due to a design flaw, and the client was confident most of the loss would be recaptured in subrogation.
Unfortunately, subrogation was not final prior to their renewal, which also took place shortly after Hurricane Harvey. Through an extensive marketing effort, reviewing various structure options, and assuring the market that subrogation proceeds for the previous loss were expected, Smidlein and his team were able to achieve a 7 percent rate decrease year-over-year.
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.