Backchat was intrigued to hear about the negotiating tactics allegedly used by Marsh in its discussion with the LMA over the broker model.
It seems Marsh took maximum advantage of the fact that LMA working party head Andrew Beazley was on holiday. While Beazley was sat on a beach, discussions continued in London.
According to Backchat's mole, Marsh saw Beazley's absence as the ideal opportunity to persuade the group to make changes to the London Market Principles (LMP) slip which would work to its advantage.
Rumours of massive changes to the LMP soon circulated and Marsh stood accused of strong-arming the group.
However, before Marsh signed on the dotted line Beazley returned from his trip ready to re-enter negotiations.
He refused to give in and instead it was Marsh that gave way, promising to add the standard three boxes to the LMP slip.
Backchat advises never leave the table until the deal is done.
