As our client, we will always look to treat you fairly and put your interests ahead of our own.
We will disclose to you:
- the role or roles we perform in an insurance transaction, and
- any equity interests we may have in insurers we approach on your behalf.
In common with many financial organisations, we provide a range of services to a large number of clients. We also provide certain services to insurers. Situations may arise in which the interest of a client may conflict with those of another client or with our own interest. Accordingly, we have policies and procedures in place to ensure that should such circumstances arise, they are managed appropriately.
In an effort to advance the interests of our clients, we constantly search for innovative offerings and solutions. You can read further details about how we manage conflicts of interest within the Marsh and McLennan Companies Code of Conduct – The Greater Good.
In addition, we aim to be clear with you as to how we are paid. We receive income in the following ways:
For our services in placing your insurance policies. This may be by way of a fee and/or by us retaining commissions/brokerage on your premiums.
We and our affiliates may also receive:
- Fees from insurers for providing services to them. These services are designed to improve the product offerings available to our clients, assist insurers in identifying new opportunities, and enhance insurers’ operational efficiency. You can view the list of the insurers with whom we have these services agreements.
- UK Brokerage which is set at 3.5% of the relevant premium.
- Work transfer commission (at a percentage of the premium) from insurers for work transferred to us which we do on their behalf.
- Line slip compensation for the creation and ongoing management of line slips, at a percentage of the premium net of commission and UK Brokerage (when applicable).
- Any arrangements we have with you for the rebating of commission or brokerage will not apply to these forms of compensation. They will not be credited against any fee payable to us and will not be subject to any cap on commission payable to us.
From other sources
- From investment, interest and currency fluctuations related to the handling of client money. We also receive payments from the providers of premium finance facilities to our clients.
Marsh Commercial is part of the Marsh & McLennan group of companies, which includes Marsh, Mercer and Oliver Wyman. It also includes Guy Carpenter, a specialist reinsurance broker, which may place reinsurance for one or more of your insurers. Victor Insurance, part of Marsh, is a managing general agency operating under delegated authority arrangements with insurers and is subject to appropriate segregation from our broking activities. In the event we recommend your business is placed with Victor Insurance, this will be disclosed to you, we will be acting as your agent and we will continue to do so in the event of a claim.
If you have any questions, issues or concerns regarding how we are paid, then please contact a member of your Marsh Commercial service team. Alternatively, you may send an email to: firstname.lastname@example.org.
Marsh & McLennan Companies Inc. and its subsidiaries own equity interests and have contractual arrangements with certain insurers and wholesale brokers. Information regarding these arrangements is available below:
- Equity interests of Marsh & McLennan Companies, Inc. and its subsidiaries in insurers.
- Contractual arrangements between Marsh & McLennan Companies, Inc. and its subsidiaries with insurers and wholesalers.
Use of Client Information
Marsh Commercial may include, on an anonymous basis, information relating to its clients’ insurance programmes in benchmarking, modelling and other analytics. Marsh Commercial and its affiliates offer an array of analytics capabilities to clients, insurers and others. For clients, these offerings include benchmarking databases, analytics and modelling tools, surveys and other compilations of information, which are designed to help clients more effectively assess their risks, make more informed decisions and construct insurance programmes and other risk mitigation strategies. Marsh Commercial or its affiliates may in some instances receive compensation for its analytics offerings from clients, insurers and others.