Willis Towers Watson Broker Paul Chirchirillo Recognized as a 2019 Traditional Energy Power Broker
Paul Chirchirillo, Senior Director, Willis Towers Watson
To put Paul Chirchirillo’s 2018 accomplishments into context, one manager of global insurance had to summarize a difficult 2017.
“Our property and business-interruption placement has $2 billion in limits. Our 2017 renewal was severely impacted by the three large hurricanes, Harvey, Irma and Maria.
“Even though our company has not had a property loss in over 10 years and the commercial markets do not provide windstorm coverage, our renewal was caught up with several carriers using this opportunity to achieve rate increases.”
Because the client buys very large limits, there wasn’t much capacity to replace tough carriers: “Rate decreases were non-existent and most accounts experienced rate increases upon renewal. Prior to our renewal in second half of 2018, Paul devised a strategy that allowed the market to recognize we overpaid in 2017.
“We were successful in obtaining a premium credit in 2018, remarkable in a market with no rate decreases. Paul devised a strategy whereby we renew the policy for 54 weeks, but markets only receive premium based on [a] 52-week policy.” All markets accepted. Not one left the account.
“We have a very large property program that is placed as a quota share and is competitively priced,” said one director of risk management.
“This year we anticipated an increase of some degree as that’s what the market was indicating. However, our pricing remained flat, and Paul got us a multi-year program out of it. So we are guaranteed stability on our program for three years out now.”
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.