Brokers show strong gains in 2Q; execs bullish on expectations for second half.(Agent/Broker)

National Underwriter Property & Casualty-Risk & Benefits Management, September, 2003 by Ruquet, Mark E.

Insurance brokers reported solid gains for the first half of 2003 and forecast continued solid earnings for the rest of the year. "We still believe it's a great time to be a broker," said Joe Plumeri, chairman and chief executive officer at Willis Group, delivering a typical comment during an earnings conference in July.

In general, broker executives like Mr. Plumeri said that rates are no longer growing as they did a year or a year-and-a-half ago. "Those were unusual spikes," Mr. Plumeri said. "Rates are now moderating, but we would categorize [the market] as being on the hard side." Willis Group Holdings Ltd. reversed a net loss of $7 million one year ago and posted a second-quarter profit of $80 million, attributing the result to higher premium rates....

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