Glaser, who previously served as chairman and CEO of Marsh, will have operational and strategic oversight of MMC's Risk & Insurance and Consulting segments. Reporting to Brian Duperreault, president and CEO of MMC, Glaser also will have responsibility for the company's technology, business services and international and client development functions.
"I have every confidence that Dan will bring the same leadership qualities, strategic thinking and operational excellence to his new role as group president and chief operating officer," Duperreault says. "The first phase of the turnaround we began in 2008 is now complete. After a strong 2010, our goal moving forward is to deliver sustainable growth in revenue and profitability across all of our operating companies. The Board of Directors and I believe that Dan's appointment will allow us to sharpen our focus as an organization and accelerate our progress toward this goal."
Zaffino, who succeeds Glaser, had been president and CEO of Guy Carpenter since early 2008. "During his tenure at Guy Carpenter, Peter built and led a team that significantly improved performance, solidified the company's standing as one of the world's leading reinsurance intermediaries, and positioned the firm as a leading, broad-based risk advisor for the insurance industry,” Duperreault says.
Succeeding Zaffino is Alexander Moczarski, who had been president of the international division of Marsh Inc., responsible for operations in all areas of the world outside the United States and Canada. "As head of Marsh's international operations, Alex led one of the most profitable and fastest growing parts of the entire corporation,” Duperreault says. “His deep knowledge of the insurance industry and international markets will enable him to continue the great progress made by Peter Zaffino.”
Marsh also announced it created insurance protection in response to the expanded authority given to the Federal Deposit Insurance Corp. (FDIC) under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). FDIC was given broad authority to become the receiver of a wider range of struggling financial companies. The protection is designed to cover the costs associated with an FDIC receivership action.
Developed by Marsh's Financial and Professional Liability Practice (FINPRO), the FDIC Receivership Endorsement is designed to protect senior management of covered financial companies, as defined under Dodd-Frank, that end up in receivership. Such “covered” organizations include bank holding companies, hedge funds, alternative investment funds, private equity funds and venture capital funds. The endorsement provides for reimbursement of costs incurred in responding to and defending against FDIC efforts under Dodd-Frank to repudiate and recoup compensation and benefits. It also provides for indemnification for amounts repudiated and recouped by the FDIC in the form of earned salaries, wages, commissions, benefits and/or other compensation obligations.
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