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Article: European buyers value in-house brokers during recession; Direct market access, revenue generation seen as advantages.
- Article from:
- Business Insurance
- Article date:
- June 1, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: MICHAEL BRADFORD
European insurance buyers with in-house brokers say those operations are particularly important service providers at a time when their parent companies need as few distractions as possible.
In-house brokers, or "captive'' brokers, provide their owners with much the same services as external brokers. In addition, however, they can provide revenue for their parent companies and provide a more direct link to insurers, according to several sources.
And as the global financial turmoil increasingly has demanded the attention of corporate management, a smooth-running brokerage unit that can generate revenue while managing ...