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Managing Director
Aon
Houston

An old adage speaks of the calm before the storm, but oil and gas exploration and production companies are enjoying a calm after the storms. The end of the 2007 named-windstorm season coincided with the conclusion of the Power Broker^TM rankings, and offshore operators lauded Burke's ability to help them take advantage of active energy markets and quiet weather.

"We recently completed a very large merger," said the director of risk management for a major offshore operator. "Bill has been instrumental in integrating the marine package and liability insurance programs to help the combined company achieve approximately $40 million in synergy savings in reduced premium expense with the integrated insurance program."

Clients gave Burke top marks in all the essential categories of brokerage. "Bill has been in the energy business for more than 25 years," said one. "He has a very strong technical knowledge base of not only underwriters and coverage but also of specific coverage terms and policy language."

Clients also mentioned Burke's "experience with energy companies" specifically drilling contractors. That makes him uniquely qualified for the industry.

"Bill is very proactive in customer service and attention to detail, which is very important for a complicated and international program such as ours. Bill's qualifications and merits make him one of the best in the business," said an energy risk managing client.

Managing Director
Aon
St. Louis

Most Power Broker^TM winners tend to be high-profile individuals, but Gloriod gets credit for taking a lower-key approach. He is not so much a hired gun, said one client. He is a part of the company. "Jim has done a lot for us," said that risk manager. "He is not just our broker, he is a strategic partner."

That partnership, the client said, extends over the gamut of risk management and insurance operations. "He is involved in designing coverage, in placement and in claims. We had a significant loss this past year. So we were facing both liability and property claims. Jim really stepped up to the plate in dealing with all of that."

In the wake of that loss, one of the largest claims in the sector, Gloriod had to call on both his undergraduate degree in economics and his graduate law degree. Settling the claim was only half the battle. To move on, the client formed a captive insurance company with guidance from Gloriod. That involved comprehensive risk and gap analysis, as well as tackling legal and environmental issues.

Another client had a year that included both acquisitions and divestitures. Keeping all the balls in the air at once also called for the risk management and gap analysis that Gloriod is known for being so adept at.

Senior Vice President
Willis
Nashville, Tenn.

High energy prices mean a flurry of activity in the sector. One of Hills' principle clients made a billion-dollar-plus offshore acquisition in 2007, and then turned around and completed a spin-off of domestic assets in another transaction equally as large.

"We had a tremendous year of transformation," said the director of insurance and enterprise risk management.

"It would have been a major accomplishment just to get these deals done, but Chris really looked at these things through our eyes and found ways to help us get them done. She and a couple others of our best brokers were actually part of our acquisition team. Once we figured out how to get these new assets under our umbrella, they were able to go to the underwriters and recover some of the premium that the acquired company had paid," the client said.

In the other transaction the client spoke of "untangling our programs from the new company's so that on day one we had two huge new companies out the door with complete coverage. Oh, and by the way, that happened on the same exact day as our original policies were due for renewal. That everything went off without a hitch is really remarkable."

Despite those huge projects, Hills somehow found time to energize the global markets to increase competition, especially in coal.

That resulted in reduced attachment points and lower costs for complete placements, and enabled clients to purchase millions in additional capacity at minimal or no greater expense.

Managing Director
Marsh
New York

Risk managers know, well, risk. And they know their own companies and industries. While understanding of the insured¿s business is mandatory for a broker, what Paul Chirchirillo's clients gave him top marks were for his knowledge of underwriters and of coverage.

This comes into play particularly in mergers and acquisitions, which are common in the energy industry. Firms are perpetually buying and selling brands, product lines, plants and markets. Clients cited Chirchirillo's help in ensuring continuity during these deals, and in keeping coverage in place and premiums within reach.

"Paul helped us greatly in an M&A situation to evaluate the insurance program and pending claims of a candidate for acquisition," said one client. "When necessary, he has crafted and executed very complex layers of coverage during tight markets. He is a superior talent in the industry, and we are very fortunate to have his services and expertise."

Chirchirillo's knowledge of underwriters comes through in the basic blocking and tackling of insurance, paying premiums and collecting claims.

"Our placements have several different SIR's for different risks," said one senior insurance advisor. "In terms of pricing, he stands alone in my experience with his low-key but very effective negotiating skills, and we get absolute best pricing always. In addition, when we had a major claim, he quickly lined up the best Marsh people to handle our claim, and they did a super job."

Managing Director
FINPRO Philadelphia Practice Leader
Marsh
Philadelphia

"P" for Proferes, "P" for Philadelphia and "P" for placement. Carole Lynn Proferes' prime proficiency, said her clients, is placement.

"CL is responsible for the placement of my directors' and officers', fiduciary and lawyers professional liability coverages," said one risk manager. "Her knowledge of the coverages, the market for the coverages, and the placement of the coverages is extraordinary. She is quick to ascertain the ever-changing needs of these coverages and is able to get the placements to meet those needs."

And then there is "P" for premium. With strong profits around the sector, M&A activity is increasing. One client saw its market capitalization rise by more than 300 percent in three years. Proferes did what she could to keep that client's premium level, but, inevitably, the insurer had to make an adjustment.

That solution included an increase in D&O premium in 2007. In that event, developments within the company and in the D&O market enabled Proferes to ask for and get from the carrier an agreement not to increase the premium. For good measure, she also secured enhanced coverage.

Another client added, "CL's active engagement on all of our placements, coupled with the insight she has gained across industry sectors in her leadership roles at Marsh, uniquely position her to provide her clients the most current policy wording, terms and conditions that are available in the marketplace."