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Senior Vice President
Aon, Hamilton, Bermuda

Structuring Complex Programs

Sarah Bevan-Jones' clients are at the cutting edge of insurance program purchasing. And with corporations especially sensitive to their expense budgets, they are seeking unique ways to restructure their programs.

"Sarah was instrumental in getting Bermuda markets to commit to two very recent complex global placements for us," said one client.

"Both placements were first-time-ever global placements and were implemented just after the global credit crisis, when banking institutions were not viewed in a favorable light. Her willingness to take the time to truly understand our organization was instrumental in getting these difficult deals completed.

"In addition," the client said, "Sarah's local Bermuda knowledge and ability to manage the key local contacts are two attributes which allow for these types of deals to be completed."

Michael J. Downer, senior vice president, secretary and chief legal officer at Capital Research and Management Co., said his firm has one of the biggest E&O and D&O programs in its industry, so the Bermuda market is very important in terms of getting the capacity. "As a financial institution, if you don't have someone like Sarah on the ground in a location like Bermuda, it would make it very difficult," Downer said. "It's been superb dealing with her for a number of years."

Another client said Bevan-Jones is "very bright, responsive, articulate and she knows the Bermuda market very well and gets along with the underwriting community on the island. She is very dedicated and has helped me place some rather unorthodox risks."

Managing Director
Aon, New York

Providing Innovative Solutions

Michael O'Connell truly does think out of the box.

"Mike O'Connell is good at executing whatever he is doing," said one client. "He never drops the ball, but more than that, he is cutting edge. He thinks of other products that can solve our needs."

As managing director and financial institutions practice leader at Aon Risk Solutions in New York, O'Connell led the development of an innovative solution for a highly sensitive and visible insurance cover known as "excess securities investors protection coverage."

Following some high profile corporate bankruptcies including by Lehman Brothers and MF Global, traditional insurers for the coverage looked to change policy language and reduce capacity. O'Connell worked with a number of colleagues in a completely different product area to educate insurers on the exposures, and encouraged them to provide an alternate solution, which involved all new insurers from that completely unrelated product area.

This was especially challenging considering the insurance applies to some of the most complex banks in the United States, and the total limits required to satisfy customer demand -- $1 billion aggregate limit.

O'Connell was also instrumental in helping a regional bank negotiate a complex, multimillion-dollar claim settlement involving multiple insurers, and worked with the CEO, general counsel and risk manager to convince insurers to pay what had previously been a disputed claim.

Managing Director
Aon, London

Bringing Tangible Results

Aon Risk Solutions Managing Director Jamie Powell was able to navigate the European Union's severe financial challenges and structure an insurance program for a global financial institution by highlighting the firm's "extremely positive risk dynamics."

Powell also implemented an extended policy term beyond 12 months, allowing the client to achieve regulatory capital relief in addition to providing balance sheet protection against a variety of complex first- and third-party exposures.

The competitively priced solution necessitated a combination of global insurers with capacity sourced via the United States, Bermuda, the U.K. and the EU, plus a deep understanding of the unique liabilities that required risk transfer mitigation.

"Powell is one of the hardest working brokers in the financial space that I've ever met," said one client. "He is the consummate professional, has incredible industry knowledge and has completely mastered two entire industry markets -- London/European and Bermuda."

Another client said Powell is a "tireless and devoted advocate" for his clients.

"Jamie brings thoughtful and strategic solutions to me for my consideration," the client said. "These solutions are often 'outside of the box' ideas, but those that he has demonstrated to be attainable in the market."

A third client said "the time taken by Jamie to invest in the understanding of our specific risk exposure and corporate culture and to effectively communicate these to insurers alongside us has brought tangible results in recent years."

Managing Principal
Integro Insurance Brokers, New York

Incredible Networking Abilities

Esther Ro's reputation speaks for itself.

One large financial institution was advised by a competing broker that the firm was facing a substantial rate increase on its corporate property program renewal due to the industry's overall poor performance in 2011.

After asking Ro for her thoughts on pricing and structure, the company severed its 15 year-plus relationship with the competing broker and moved to Integro, where Ro is managing principal in New York, due to the "vast difference" in projected premiums and her proposed streamlined placement structure.

The program was placed in just three weeks and the client enjoyed a 20-percent rate reduction without the need for eliminating any critical coverages.

"Esther has jumped on board with our account since Day One to not only excel in providing customer service, but to also push for the most effective program to best serve our coverage needs and regulatory requirements," said one client. "In addition to her incredible networking abilities and partnerships with the various underwriters, we have had a successful renewal year over year."

In late 2011, the client's asset base decreased by 50 percent within only one week of the renewal date. Despite the expected 30 percent aggregate premium increase due to significant insured losses and the client's portfolio's high catastrophe exposures, Ro successfully negotiated a renewal with an aggregate increase of just 9 percent.

Executive Vice President
Willis, New York

Surmounting Challenging Issues

Jill Sulkes, executive vice president with Willis North America in New York, tackled some particularly challenging issues for clients last year.

Paul Major, vice president, operational risk management at Ameriprise Financial Inc., said Sulkes "is one of the industry leaders in brokering financial institutions.

"She worked with me through six renewal cycles now, and understands the complex risks that my firm possesses, and has successfully helped the markets understand these risks and the coverage we need," he says. "She's been able to decrease our premiums, while significantly increasing our breadth and scope of coverage."

For one hedge-fund client, Sulkes successfully advocated to insurers about covering a complicated D&O/E&O claim and convinced the company that a single retention should apply. The resulting $1 million-plus claim continues to be paid in a timely manner as defense expenses are submitted.

Sulkes also expanded the breadth of a D&O policy for another client, so that it provided a broad-reaching, compliant global D&O coverage. She convinced the primary D&O insurer to add a "bespoke" global endorsement that engaged outside counsel in various countries to specifically address unique D&O issues in those countries.

Sulkes "has always gone above and beyond and has delivered great results for us," said one client.

Principal
Integro Insurance Brokers, New York

Jumping Into the Void

Laura Tesoriero has filled a significant void in the client service documentation process. When placing and servicing an international real estate program -- particularly for financial institutions -- compliance, documentation and tracking of local policy issuance and premium payment are critically important.

But it became clear to Tesoriero, principal with Integro Insurance Brokers in New York, that the sector lacked a means to capture and aggregate that important data in a truly useful way.

So, she developed and implemented a master "tracker" that monitored service-related items at renewal and during the year, to clearly communicate to a network of brokers around the world.

William Milaschewski, director of risk management at Cabot Corp., said his firm's casualty program "has a lot of moving parts," due to both an acquisition and a divestiture last year. "Laura has everything very well-organized to ensure we don't miss anything along the way. That is her strength."

Another client, with a complex international program, including operations in less developed Latin America, said she "has found creative ways for us to come up with solutions on certain investments and she's done a very good job handling our program."

Tesoriero, said another client, has accomplished successful casualty renewals for the firm's portfolio through flat or minimal increases year over year.

Regional Practice Leader
Aon Risk Solutions
New York

Vice President
Willis
Nashville, Tenn.

Vice President
Willis
Overland Park Kan.

Senior Vice President
Aon Risk Solutions
Providence, R.I.