ACE attacks commissions

ACE chief executive Evan Greenberg says contingent commissions create a conflict of interest and ought not to become prevalent again, Bloomberg reports.

“If customers tolerate the practice of contingents, their use over time will likely become more prevalent. Frankly, I hope that does not occur.”

“Unlike agents who represent insurance companies, brokers represent their clients. In fact, if I had it my way, clients and not insurers would compensate brokers. But that’s just not a reality.”