Willis Towers Watson Broker Scott McMahon Recognized as a 2020 Pharmaceuticals Power Broker
Scott McMahon, Life Sciences Practice Leader, Willis Towers Watson
When one biopharmaceutical company was expanding its clinical trial program, it realized it needed a broker with niche expertise to ensure it was well-protected. Enter Scott McMahon, who began his career in biopharma and medical devices.
“I’ve worked with a lot of brokers over my career, and I think he understands the industry better than I do,” said the CFO of one biopharmaceutical company.
“He knew how the clinical trial program would function, understood the liabilities associated with it and trained us on what we needed to look for.”
McMahon also went above and beyond by offering to review the client’s existing D&O policies free of charge.
During an acquisition, he similarly looked over the company’s reps and warranties coverages and arranged meetings with attorneys who specialize in M&A, even though he hadn’t brokered these policies and had nothing to gain.
“He made me realize our major broker who handled most of our programs didn’t provide the same level of service, so we eventually moved everything over to Willis Towers Watson,” the CFO said.
“Ultimately, it comes down to the fact that I can trust he’ll be there for us in a pinch.”
Another client was also expanding its clinical trial program around the globe and starting up a U.S.-based manufacturing operation, which presented some compliance challenges in its foreign coverages.
McMahon and his team kept a primary layer of coverage in the U.S. but created a single blended global excess tower that provided broader coverage while cutting premiums by 31% and ensuring compliance with local standards.
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.