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Managing Director
National Life Sciences Practice Leader
Marsh
Philadelphia

It would be close to impossible to not mention Bruce Belzak in the pharmaceutical arena. There's a reason--several, actually--why this 37-year Marsh veteran is receiving the award for the third year in a row.

Simply put by one client, "Bruce is fully engaged." When it comes to the several major accounts that he serves as client executive, Belzak knows how to navigate the underwriters. This client said he was involved in a very difficult series of negotiations over the last year, during which he was specifically helped by Belzak's relationships with different carriers.

"Our coverage placement for product liability was quite interesting and fairly complex based on the amount of insurance and the nature of the industry we're in--it's hard," said the pharmaceutical risk manager.

The level of difficulty involved in insuring the pharmaceutical-life sciences industry necessitates an innovative broker. In 2007, Belzak helped create Centers of Excellence in biotechnology, pharmaceuticals and clinical trials, making it possible to bring together the firm's widespread life sciences expertise to stay on top of economic trends and create truly unique solutions and insights in program design, placement and benchmarking.

He also saw the launch of a new global technology platform for clinical trials insurance that's impressing clients with its ability to require certificates issued for each trial in each country.

Managing Director
Life Sciences and Chemical Group
Aon
Philadelphia

One client described Walters as a nationally recognized subject matter expert and solid risk management professional who works on the biggest accounts.

"He's got superior technical resources," said the client. "You pick up the phone, call Jim, and he's got people who will know about particular drugs and certain court cases."

This 2006 Power Broker^TM helps his clients focus on enterprise risk management, surpassing the traditionally "insurable" risks to evaluate a much broader range of risks--from supply chain and business continuity to intellectual property and vital human capital risk.

A risk manager at a pharmaceutical company said Walters' presentation on his ERM strategy--coupled with his impressive knowledge of biotech and pharmaceutical industry trends--won him over with senior management last year. They quickly signed him on for product liability.

In addition, this client said Walters provided valuable recommendations on manuscript endorsements for directors' and officers' placements. "Recommendations on manuscript endorsements and coverage enhancements provide the real protection for potential management liability problems and policyholder protection," said the client.

This risk manager is familiar with Walters' expertise in product liability, having worked with him at a very recent former employer, where Walters negotiated an increase in primary limits for liability from $5 million to $10 million, a deductible reduced from $5 million to $500,000, and a premium staying flat.

"The results were incredible," the client said.

Principal
William Gallagher Associates
Princeton, N.J.

Prior to joining the Boston-based insurance brokerage in 1996, Michael Andersen spent seven years in corporate risk management, three of which were with a pharmaceutical company. That background has been valuable not only in relationships with clients, but also in negotiations with insurance companies.

One long-time biotech client said Andersen recently talked down its principle directors' and officers' carrier. "They wanted to change the policy parameters and were trying to get some more money out of us, but in the end of the day he was able to negotiate for us and close that period being covered with D&O," said the client.

Andersen also won points in 2007 when the client was in the process of purchasing a facility and building additional manufacturing labs on a site in the Boston suburbs that had a history of environmental issues. The biotech company wanted balance-sheet protection from pollution exposure due to potential soil contaminants at the site.

Andersen and his team were able to secure the contract language and coverage necessary to move forward.

He's credited with being very responsive, having outstanding communication skills and extensive knowledge of the industry. Quite the professional on a day-to-day basis, Andersen's not afraid to put his clients in their place when it comes to golf, according to this admiring biotech client, who added it's all in good fun.

"I've got a lot of respect for the guy," said the client. "He does a great job, and he's one of the main reasons we stay with William Gallagher."

Managing Director
Marsh
San Francisco

One client raved about Phil Stein's ability to put himself in the shoes of the insured and craft a winning strategy for marketing them to underwriters.

This risk manager, for a biopharmaceutical company specializing in treatments for infectious diseases such as HIV/AIDS, stressed that Stein's enthusiasm has made underwriters feel like an integral part of a company whose research saves lives. This connecting force is responsible for securing unheard-of pricing and smoothing out a potentially bumpy renewal process in 2007, which happened to coincide with a product recall.

"I can't go into detail, but we've had very favorable pricing in the last five years since we've dealt with him," she said. "Infectious diseases are a different paradigm than a lifestyle drug. Purchasing high levels of coverage is difficult, and many carriers put limits on your coverage."

The client said Stein doesn't fit into any mold, at Marsh or anywhere, and that he's one of the industry's best-kept secrets.

"He doesn't care about the limelight or that he probably makes a gazillion bucks," she said. "For him, it is the satisfaction of working well with his client."

Exactly how happy is this client? You might want to sit down for this one. Every year the company pays Stein a bonus on top of his commission. The risk manager acknowledged the practice is a bit--well, unusual--but entirely worth it.

"Anyone can place coverage--it doesn't have to be correct--but when your broker can demonstrate what they can do for you--and he's showed us demonstrably that our program from a pricing and coverage standpoint is superior in the marketplace--you'll pay them anything," she said.

Managing Principal
Integro
New York

A feminine touch can go a long way with clients, especially in a dicey field like pharmaceuticals. Valerie Schmalzried, just two years into her position at Integro, is truly there for her clients, said one at a Fortune 500 company.

This client recounted how Schmalzried helped plan a trip for underwriters to tour the pharmaceutical company's Puerto Rico facilities. As the group prepared to board a bus at the beginning of the trip, one woman fell and broke her wrist. Schmalzried was immediately at her side, making sure everything was taken care of. After the woman recuperated, Schmalzried followed up with a lunch meeting to wish her a safe return to the workforce.

"I haven't seen anything like that from a New Yorker before," said the client. The incident, he said, proved that his broker is a professional, provides top-shelf service, but also believes in bringing the human aspect to the broker-client relationship.

This client, who had worked with Schmalzried during her eight years at Aon, said his broker is always putting forth new ideas and challenging his conventional approaches--innovation being a major selling point in pharmaceuticals.

"I can definitely say that, of all the people I have worked with, I have always felt that I was working for her. She is very proactive."

Schmalzried also received accolades for completely restructuring a Fortune 500 chemical company's nightmare builders' risk program, securing excellent capacity at a reduced price, while relieving the policy form of numerous restrictions that had been hindering the project.