Marsh McLennan Agency Broker Steven Norton Recognized as a 2024 Captives Power Broker

Steven Norton, Executive Vice President, Marsh McLennan Agency

Steven Norton’s client Alta Refrigeration was installing a refrigeration compressor for a cold storage warehouse, and in
the process, some piping was damaged. Ammonia was released, several employees were injured, and there was significant property damage.

Alta’s customer paid the loss with its insurance and then subrogated against it, despite the accident being caused by its own employee. As a result, Alta’s primary and umbrella coverage paid almost $11 million to settle the claim. This made the next renewal extremely hard for Norton’s client.

At the time, he was in the process of forming a new heterogeneous group captive and was able to explain the circumstances of the loss and the low likelihood of a recurrence to its reinsurers. Subsequently, his client joined the captive as a founding member.

James Bacon, CFO at Sunbelt Marketing, who worked as a controller with Alta at the time, said, “Steven is super responsive. He will drive wherever needed to meet and discuss issues.”

Another client, J Trucking, was paying high premiums on its auto liability despite having a loss ratio under 25%. Norton worked with the owner to put together a group captive program using the Marsh Fleet Solutions captive that priced the risk based on its own merits rather than market forces. The result was a lower premium for the fleet, and even if the client had a poor loss year, the captive premium in addition to a maximum assessment would have been about the same as its traditional renewal.

All 2024 Power Broker Winners

2024 Captive Power Broker Winners and Finalists

---

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.