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President and CEO
Lockton Insurance Brokers
San Francisco

Adam D. McDonough may not be with one of the big brokerage firms, but that's actually a plus in the eyes of some risk managers.

McDonough can handle everything from specialized financial institution coverages such as excess Securities Investor Protection Corporation protection, to the more routine property and workers' comp coverages, and he can do it just as well--if not better--than the other brokers.

"I've met with brokers from Aon, Marsh, the new ones--the Integros," one risk manager says. "Every day, it's another notch under McDonough. He has been my broker of choice for a number of lines."

And by working with McDonough and Lockton, this risk manager says she does not have to worry that her business would become just a number and get lost in the shuffle. By focusing on the unique needs of financial institutions and technology clients, McDonough has been able to provide value with respect to risk evaluation and treatment.

McDonough was promoted to president and CEO of Lockton Insurance Brokers in August. Before joining in 2005, he was with Willis for six years. He has 18 years of experience in the insurance industry.

Director
Aon
St. Louis

Private equity firms face an array of unusual risks when acquiring new companies, and their insurance needs can be complex. Anna Gelfand, director of the Mergers & Acquisitions Group in St. Louis, is able to break down the issues in clear language and make sure clients have the coverages they need.

"I can't say enough good about her and can't say anything bad about her," one risk manager says.

"She understands relationships. She understands that when we're purchasing a company, we can't always just change relationships that have been developed by the acquired company," he says.

One of Gelfand's strengths is her ability to see transactions from the buyer's perspective, identifying issues that affect their structure and value as a company. This includes communicating the impact of insurance and risk management strategies from a financial standpoint to buyers and their advisers, as well as providing solutions.

In 2006, Gelfand provided cash flow and accrual analyses that helped clients with purchase price negotiations, allowing them to win the bids on companies.

In addition, Gelfand has mentored a group of new employees within Aon's Mergers and Acquisitions group, as well as within other areas of Aon Risk Services. She was recognized as a top Aon resources in M&A through Aon's Excellence Roundtable.

Managing Director
N.Y. Financial Institutions Practice Leader
Marsh
New York

Claudia Mastrapasqua has a keen insight into the needs of her clients because, before joining Marsh in 1992, she was director of risk management at a major bank.

Mastrapasqua is now Financial Institutions Practice Leader for the New York Metro Zone at Marsh.

But from 1976 to 1992, Mastrapasqua worked in risk management for Security Pacific Bank, now Bank of America.

"She is very knowledgeable and has a good understanding of the industry," says one risk manager.

"She was on the client side as a bank risk manager, so she understands things from the client's point of view. She can identify with us and can try and meet our needs rather than just try to sell us something."

Mastrapasqua has developed and maintained the loyalty of major global clients, and those relationships have held fast over the last 18 months, even during the turbulent times of the New York attorney general's inquiry into insurance industry practices.

She has won Marsh's Top 50 Client Executive National Award for four consecutive years from 2002 through 2006, and won the Marsh NY Metro Zone Client Executive of the Year Award for 2005.

Managing Director
U.S. Financial Institutions Practice Leader
Aon
New York

Michael K. O'Connell has a knack for coming up with innovative solutions for some of the toughest risk management problems facing the financial institutions sector.

Exhibit A: O'Connell has been working with a client to develop an innovative directors' and officers' product, which upon completion will provide coverage not attainable in today's market.

"Very often the problem is what you will get is the latest off-the-shelf thing from an insurance company, and that may or may not fit," one risk manager says. "Mike has demonstrated the ability to think more creatively, rather than just peddling an insurance company product."

In 2006, O'Connell was key to Aon being awarded new business, resulting in more than $2 million in annual revenue. Since joining Aon in September 2004, O'Connell has grown the financial institutions practice by 25 percent. His knowledge of the industry, his creativity and innovation, and his ability to put complex ideas into clear, simple language has helped win him a lot of fans.

"We interviewed a number of different firms and representatives," a risk manager says. "Mike was one of the reasons we went with Aon. He was knowledgeable, well prepared and head and shoulders above the rest."

Managing Director
Asset Management National Practice Leader
Aon
New York

Paul Kim has carved out a reputation as the industry guru when it comes to mutual funds and their professional-liability exposures. Clients speak of his ability to understand their industry's particular risks, and bring new and innovative ideas to the table. With Aon Risk Services since 1997, Kim is known for returning phone calls even when on vacation in Hawaii. Risk managers speculate whether the man ever gets any sleep.

"Most people do what they do, but just enough to get by," one risk manager says. "Not him. He has an extremely high work ethic. He sets standards for performance for himself and his team that is above what even the client would expect."

In 2000, Kim established a formal asset management practice group at Aon. His clients include many of the top asset management companies in the country.

"As far as Paul goes, he has such a big presence in the industry--he's looked to as the dean in the errors-and-omissions brokerage industry," another mutual-fund risk manager says.

Kim has helped many clients with their mutual-fund market timing regulatory settlement insurance recoveries and, for the past six years, coordinated and chaired an annual conference to meet with senior underwriters from major insurance companies.

President
Professional Liability Division
Arthur J. Gallagher
Chicago

During the last 16 years, Phil Norton has established a reputation as one of the nation's experts on the directors' and officers' liability insurance market.

In the financial institutions sector, his major accomplishments include running the underwriting and reserving functions of a group captive for large banks for more than 10 years, with extra capacity made available to more than 20 banks.

Norton doesn't need to grab an off-the-shelf policy. He's skilled enough to design his own. He doesn't follow the D&O language. The D&O policy language follows him, as his wording and clauses trickle down into standard policies. The most notable benefit of this has been an ability to get claims paid that may have otherwise been denied.

He also has set standards for how D&O coverage quality is measured industrywide, using a benchmark, the Norton-Bastian Index, which bears his name. He's also used this technique to gauge the market and forecast future market movements.

He has been with Gallagher since 1998. Before that, he was managing director of Sedgwick First, the financial products and professional liability division at Sedgwick, and had spent almost seven years running the D&O consulting operations of Wyatt. Previous to Wyatt, he was at CNA Insurance for a decade.