BY MARK E. RUQUET
Marsh has tapped an AIG executive and former employee, Daniel S. Glaser, as its new chairman and chief executive officer. His task is formidable—to turn around a troubled firm challenged by the softening commercial insurance market and the surrender of some $1 billion in contingency fees following the settlement of bid-rigging charges that tarnished the mega-broker’s reputation.
“I spent the first years of my career at Marsh,” Mr. Glaser recalled in an interview with National Underwriter. “I met my wife at Marsh. I’m concerned what happened to it, and even though I’m realistic about the challenges that we face at Marsh, I’ve got a tremendous amount of optimism that we can put that right.”
Last week, Mr. Glaser—the 47-year-old managing director of American International Group Europe (U.K.) Ltd., and the regional president of AIG’s American International Underwriters’ United Kingdom/Ireland division—was tapped to return to the brokerage firm that launched his career.
He begins his new job on Dec. 10, according to New York-based Marsh & McLennan, the parent company of Marsh. He replaces Brian Storms, who left the firm under a cloud in September.
“I’m very excited about [the appointment],” he said last week, noting that the courtship to take the position was not long. “I’m really chomping at the bit. Monday can’t come soon enough.”
Mr. Glaser began working in the insurance industry as a broker for Marsh in 1982. He was there for a decade, working in New York, London and Saudi Arabia. He moved to Willis for eight years, where he served as president and chief operating officer of Willis Risk Solutions, the firm’s large-accounts practice.
In 2000, he joined AIG as president of the global energy division. In 2002, he was named managing director of AIG Europe (U.K.).
“Dan has broad expertise in the insurance industry as well as firsthand knowledge of the Marsh organization,” said Michael G. Cherkasky, MMC’s president and CEO, in a statement. “His perspectives as both a broker and an underwriter, coupled with his extensive international experience, make him the ideal candidate to take Marsh forward.”
His leaving AIG had nothing to do with that company. Instead, it was an overriding desire to return to where he started, he said. “I’ve been training for the Marsh job for my entire life. It is the absolute premier brand in insurance broking. It is a great franchise and has a strong nucleus of talented people and terrific clients.”