May 11, 2010, London – “Survival to strategic” is possibly the phrase that best sums up the position of many of the Risk Managers at Boston compared to Orlando in 2009. Their companies have made tough business decisions in the last 18-24 months and they are now better positioned to trade forward. ERM is better equipping Risk Managers to identify and quantify the residual risks within their streamlined companies that they might want to transfer to the insurance markets.
These components made many of our discussions with risk managers more pertinent and specific to their business objectives and requirements. They are setting three to five year goals for risk mitigation and funding.
Underwriters, meanwhile, in the continuing soft market are becoming more selective about their client base. They are demonstrating increased flexibility in their policies to better align with the strategic objectives of those insureds that have demonstrated a commitment to establishing longer term relationships.
Our role as wholesale broker is clearly defined and it is encouraging to see how our relationships with our retail broker clients are growing year on year to make our combined service offering stronger and more compelling to the risk management community. The independent and stable approach offered by Miller is proving its value. That was clearly demonstrated by the great success of the second “Independents” event. Its simple message of “client first service” has captured the imagination of many RIMS participants.
All of this combined to make Boston an exceptional RIMS for Miller. There is a great deal of new opportunity arising from the many formal and informal meetings that we held. Thank you to all those with whom we met. The many discussions and experiences that we shared once again demonstrated that we work in a people business and that relationships are at the core of what we do. Roll on Vancouver 2011!
John Eltham – Head of North American Broker Business
