Insurance Brokerage Review of the insurance distribution system

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Insurance Brokerage Review of the insurance distribution system The brokerage business Background Recent events View of a broker Scott Strickland Senior Vice President Brown & Brown of Washington, Inc. Thoughts for the future

Insurance Distribution System - Background Independent agents and brokers Agents Brokers Exclusive agency system Direct marketing sales

Insurance Distribution System – Background - 2 Role of insurance producers Some stats How many producers in the U.S. Is it changing Personal lines v commercial lines Agents Brokers

Insurance Distribution System – Background - 3 Agent v broker The distinction Real v theoretical What do customers think What do companies think

Insurance Distribution System – Background - 4 Who are insurance brokers There are national and regional firms Names in the news Marsh AON Willis May others large and small

2003 (generated by U.S. clients) Top 10 U.S. Insurance Brokers and Revenues 2003 (generated by U.S. clients) Rank Company 2003 Revenues* ($ millions) 1 Marsh & McLennan Cos Inc $5,250.6 2 Aon Corp. 3,232.5 3 Arthur J. Gallagher & Co. 1,082.2 4 Willis Group Holdings Ltd. 1,022.0 5 Wells Fargo & Co** 800.5 6 BB&T Insurance Services Inc. 604.7 7 Hilb, Rogal & Hobbs Co. 551.3 8 Brown & Brown Inc. 545.3 9 USI Holdings Corp. 352.3 10 Lockton Cos. Inc. 289.1***

Insurance Distribution System – Background - 5 What is the role of an insurance intermediary Traditional Changing role of the intermediary Responding to changing customer needs Value added services

Insurance Distribution System – Background - 6 How are insurance intermediaries compensated Who pays for all this Commissions Fees Special arrangements Customers Insurance companies

Recent Events -1 Eliot Spitzer, New York Attorney General Investigation into contingent commissions Charges of bid rigging Marsh & McLennan Companies Other companies involved AIG ACE Zurich American Insurance The Hartford Munich American Risk Partners

Recent Events - 2 Ending contingent commissions MMC AON Willis Refunds of commissions to clients Employee terminations

Recent Events - 3 Transparency and disclosure What’s important Cost v benefit Industry response CIAB RIMS NAIC Financial Services Sarbanes-Oxley GLB

Recent Events - 4 How are agents and brokers regulated State regulation Financial services modernization

The Future of Insurance Brokerage Some thoughts on changes in the industry Products and services Distribution channels Intermediaries The economics

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