Bigger has never been Better … and NEVER will be. That said, Bigger has a chance to turn heads because more resources, eg. capital, talent, etc., often trump less — when used correctly!
Sophisticated insurance buyers are fed up with new directions, new claims and new faces … Power to the main street agency.
rehiring Jeff Greenberg…or they might be able to get Hank to take the job since AIG took leave of their brains and forced him out. Since Hank engineered the growth of Marsh they owe him a favor anyway…
I think an honest person who does not know what he is doing would
regain the stockholders trust. Remember, those who knew what they were doing
brought the company to there knees.
As a former “Marshian” I can say with great certainty that the culture had become toxic under Greenberg and Cherkasky did nothing to put that right. Large corporate clients don’t have any level of trust in Marsh since they know that they are all about the revenue and nothing else. Renewals got screwed up as the level of care for anything but new business dropped by a lot. The situation of top down pressure made me quit. Its simply no way to “run a railroad”. They will have to do a great deal to regain the public and investors’ trust. I agree they should break up into pieces and get rid of Guy Carp, any of the old MMC Capital and VC operations, anything with Mercer, small business, etc. and refocus on some core competencies namely large corporate clients, middle market accounts , private client personal lines and speciality lines like aviation, marine, energy and construction. It will be a much smaller and less powerful Marsh but it will have a chance to rebound.
I’m a company underwriter for a specialty line of business and work closely with Marsh. My experience has been nothing but professional – my contacts ARE engaged in providing superior customer service, and in turn, I make supporting their efforts a priority. Although I’m familiar with “the culture”, and as a former competitor, I laughed at their arrogance, in my current capacity, I appreciate what they’re doing, and getting rid of Cherkasky is just what the doctor ordered.
Bingo, to Just Wondering. That’s right, folks; even if it hurts. Nothing succeeds like success. Hank Greenburg did it with brains, balls,& chutpah. Jeff with arrogance..Hank I respected, Jeff nay so..-or just ask any of the AIG P&C Global (NYC)peeps, when Jeff ran (ruined) the unit 30 years ago. I was there. Hank brought in Michael in a spot equal to Jeffs’. Jeff got pissed and flew the coop to Marsh. Oy vey! (They couldn’t write better stuff on “All My Children”)
Bottom line: Spitzer wanted headlines & fame. He saw Contingency arrangements as illegal schemes.-Why? They very genuinely served as an incentive for broker & underwriter to do their best and to produce a deal most favorable to the client, without (repeat) without increasing the premium. I was also there as a broker and never (repeat) never saw anyone or anything which increased the premium wrongly.
So, “Idiot” Spitzer took down the alphabet empires, and we the shareholders should love the sob for his malfeasance ?
A note here: Hank could’ve successfully challenged Spitzer, but played hardball just as the “expose” was hatching. Admittedly, it didn’t play well to the consumers ears, and Hank was forced out.
Really a shame for AIG and the insurance industry. Hank provided a product in times when others were running from (eg) quake and flood. You might recall his ads in WSJ the day after major catastrophes, in which he welcomed new coverages
There’ll always be bums like Spitzer out there, but a true innovator and leader like Hank doesn’t come along too often
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Bigger has never been Better … and NEVER will be. That said, Bigger has a chance to turn heads because more resources, eg. capital, talent, etc., often trump less — when used correctly!
Sophisticated insurance buyers are fed up with new directions, new claims and new faces … Power to the main street agency.
rehiring Jeff Greenberg…or they might be able to get Hank to take the job since AIG took leave of their brains and forced him out. Since Hank engineered the growth of Marsh they owe him a favor anyway…
You are right, but no one could have put the earnings back to what they were, due to the loss of Contigency commission.
Break up the company….they can’t decide what their core business is
I think an honest person who does not know what he is doing would
regain the stockholders trust. Remember, those who knew what they were doing
brought the company to there knees.
Strategist
Please roll over and play dead. Fire thousands of your empoloyees during the holiday season, grab your ankles and kiss whatever you find.
You are dinosaurs and even the Loch Ness Monster has more credibility than either of you.
You bring NOTHING to the table and expect to be fed well.
Reinvent yourselves every six months or so and confuse not only your customers but also your shareholders and employees.
When the grazing grass is all gone, go eat the bark on the leafless trees.
You are like a disaster movie, except that the Titanic would have to be so big it would wrap around the world so it could run into its own rear end.
And even though you think you’re smelling good food from your seat at the kitchen table, its only because its YOUR goose that is being cooked.
If Dickens could invent you, you’d be the ghosts of Christmas Past – with NO future.
Save us all the grief – just go away but make sure you leave the toys behind.
As a former “Marshian” I can say with great certainty that the culture had become toxic under Greenberg and Cherkasky did nothing to put that right. Large corporate clients don’t have any level of trust in Marsh since they know that they are all about the revenue and nothing else. Renewals got screwed up as the level of care for anything but new business dropped by a lot. The situation of top down pressure made me quit. Its simply no way to “run a railroad”. They will have to do a great deal to regain the public and investors’ trust. I agree they should break up into pieces and get rid of Guy Carp, any of the old MMC Capital and VC operations, anything with Mercer, small business, etc. and refocus on some core competencies namely large corporate clients, middle market accounts , private client personal lines and speciality lines like aviation, marine, energy and construction. It will be a much smaller and less powerful Marsh but it will have a chance to rebound.
I’m a company underwriter for a specialty line of business and work closely with Marsh. My experience has been nothing but professional – my contacts ARE engaged in providing superior customer service, and in turn, I make supporting their efforts a priority. Although I’m familiar with “the culture”, and as a former competitor, I laughed at their arrogance, in my current capacity, I appreciate what they’re doing, and getting rid of Cherkasky is just what the doctor ordered.
Bingo, to Just Wondering. That’s right, folks; even if it hurts. Nothing succeeds like success. Hank Greenburg did it with brains, balls,& chutpah. Jeff with arrogance..Hank I respected, Jeff nay so..-or just ask any of the AIG P&C Global (NYC)peeps, when Jeff ran (ruined) the unit 30 years ago. I was there. Hank brought in Michael in a spot equal to Jeffs’. Jeff got pissed and flew the coop to Marsh. Oy vey! (They couldn’t write better stuff on “All My Children”)
Bottom line: Spitzer wanted headlines & fame. He saw Contingency arrangements as illegal schemes.-Why? They very genuinely served as an incentive for broker & underwriter to do their best and to produce a deal most favorable to the client, without (repeat) without increasing the premium. I was also there as a broker and never (repeat) never saw anyone or anything which increased the premium wrongly.
So, “Idiot” Spitzer took down the alphabet empires, and we the shareholders should love the sob for his malfeasance ?
A note here: Hank could’ve successfully challenged Spitzer, but played hardball just as the “expose” was hatching. Admittedly, it didn’t play well to the consumers ears, and Hank was forced out.
Really a shame for AIG and the insurance industry. Hank provided a product in times when others were running from (eg) quake and flood. You might recall his ads in WSJ the day after major catastrophes, in which he welcomed new coverages
There’ll always be bums like Spitzer out there, but a true innovator and leader like Hank doesn’t come along too often
Higher Rod Fox