FM Global named Randy Schreitmueller to the position of manager of broker relations with responsibility for “championing the voice of the broker” and maximizing the development of long-term broker relationships worldwide. That gives him the opportunity to continue to build on the foundation of FM Global’s engineering-driven underwriting and risk-management services and property-loss- prevention research.
Schreitmueller is at the hub of an increasing focus on the challenges and possibilities facing the commercial insurance industry, as extreme weather events and the interconnectedness of international supply chains impact global business relationships.
PBN: What’s the major change in your work in your new position?
SCHREITMUELLER: It’s the first time FM Global has had a single, dedicated person overseeing broker relations. Having said that, I should confess I’ve been doing that job on a part-time basis for the last six or seven years.
PBN: Why did the company create this position?
SCHREITMUELLER: It’s probably a function of the growth and the success of FM Global. We are a company that has roots in Rhode Island for 175-plus years, but we’re also a global company and we’ve been a highly successful company in the commercial-property space. Just about two-thirds of our business is derived through brokers. The other one-third of our business comes through direct sources. That is a fairly unique thing in our segment of the business, having two delivery channels. … We’re now a $5.6 billion revenue company and more than two-thirds of that revenue comes through our broker channel.
PBN: Is the change in the global marketplace a major reason for the creation of a new position focusing on the brokers?
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