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Burns & Wilcox is an independent insurance wholesale broker and managing underwriter founded in 1969 by Herbert W. Kaufman. [1] Its corporate headquarters is located in Farmington Hills, Michigan. Burns & Wilcox, previously a public company, [2] is family run with Kaufman's son Alan Jay Kaufman serving as chairman, president, and CEO. [3]
Wholesale funding is a method that banks use in addition to core demand deposits to finance operations, make loans, and manage risk. In the United States wholesale funding sources include, but are not limited to, Federal funds, public funds (such as state and local municipalities), U.S. Federal Home Loan Bank advances, the U.S. Federal Reserve's primary credit program, foreign deposits ...
Bank staff are advised and supported by the insurance company through wholesale product information, marketing campaigns and sales training. The bank and the insurance company share the commission. Insurance policies are processed and administered by the insurance company. This partnership arrangement can be profitable for both companies.
Is an insurance broker better than an insurance agent? Bankrate explains.
Marsh is a global professional services firm, headquartered in New York City with operations in insurance broking and risk management.Marsh is a subsidiary of Marsh McLennan and a member of its Risk & Insurance Services business unit. [2]
Risk Strategies (officially incorporated as RSC Insurance Brokerage, Inc.) is a private insurance brokerage and risk management advisor. The firm was founded 1997 (27 years ago) in Boston, Massachusetts, by its current chairman, Mike Christian, as a specialty risk management consultancy.
An insurance broker is an intermediary who sells, solicits, or negotiates insurance on behalf of a client for compensation. An insurance broker is distinct from an insurance agent in that a broker typically acts on behalf of a client by negotiating with multiple insurers, while an agent represents one or more specific insurers under a contract.
In insurance, a managing general agent is defined legally as "an individual or business entity appointed by an underwriting insurer to solicit applications from agents for insurance contracts or to negotiate insurance contracts on behalf of an insurer and, if authorized to do so by an insurer, to effectuate and countersign insurance contracts".