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Annual Review 2016

KNOWLEDGE

COLLABORATION EXPERIENCE

PURCHASING POWER

INDEPENDENCE

ACCOUNTABILITY

MARKET LEADING FIRMS

TECHNOLOGY

MESSAGE FROM THE CHAIRMAN

Insurance and employee benefits are, at their very core, statistics-focused businesses. And WBN completed 2016 year achieving a number of important statistical milestones. Our 28th year of existence. Our 109 market-leading, independent firms in 101 countries. Our 10 Associate Member firms providing related services to our members and their clients. The completion of our 54th and 55th semiannual Global Conferences, where we bring members, carriers and clients together. In 2016 in San Diego and in Singapore, where we convened with over 275 delegates from the Pacific and the rest of the world. As well as our 5th European Regional Annual Meeting. Also, our 80-strong Young Professionals Group, which helps our members attract and retain the talent that will carry our firms and network. Add to this the dozens of joint meetings with individual member firms, internal steering committees, meetings with insurers, and industry meetings, underscoring the collaboration that drives WBN’s ability to develop and serve cross-border insurance and employee benefits solutions for clients anywhere on the globe.

Perhaps the most important statistic, however, was our combined member revenues of more than $5 billion for the year. This makes WBN the largest network of independent firms and the 4th largest of all broker networks—owned or independent. This combination of size, quality and independence enables us to deliver the value proposition illustrated on the cover of this annual review.

But statistics are not very useful unless proven professionals back them up and maintain the momentum WBN has been building, particularly in recent years.

At midyear, Bruce Basso transitioned to Chairman Emeritus. I know I speak for the entire board and the membership in expressing to Bruce our appreciation for his commitment and leadership in bringing WBN to its current position as the leading independent broker network. He continues to provide counsel and support in his new role.

To WBN Members, Associate Members, Clients, Insurer Partners, and Friends:

As expected when she joined us from AIG in 2015 as President and Chief Operating Officer, Francie Starnes succeeded Bruce as Chief Executive Officer. From the start, Francie has shown both expertise and energy in her responsibilities for all day-to-day operations, including representing WBN in industry relations, promoting and expanding WBN membership, carrier relationships, governance, and member collaboration.

The year also was marked by significant investment in both human resources and activities. These will be discussed later in this review but I want to acknowledge the additions of LeAnne Stefl to help expand our growing activity in Employee Benefits worldwide and Toni Gambonini, who coordinates our member and insurer programs in Europe. As you will see, WBN has also invested significantly in technology. Both WBNet 3.0…powered by Origami Risk unveiled in 2016 and an entirely new website in March 2017 are proof of that. In addition, our Marketing Communications activities have reached new levels with expanded messaging focusing on our ranking 1st among independent broker networks and 4th among all networks, and a special editorial series with our European members in Commercial Risk Europe.

So, all in all, it has been another year of accomplishment and growth for WBN. I want to thank my colleagues on our Board of Directors for their work over and above their involvement in their own firms. Thank you to our sponsors for not only their financial support but the quality content they add to our products, services and conferences. Thank you to our members on whom our success depends. And, most of all, thank you to the clients whose cross-border needs are the very reason for WBN’s existence and success.

Daniel de SwaanChairman 2016–18

March 22, 2017

Annual Review 2016 · 1

Worldwide Broker Network · 2

MESSAGE FROM WBN’S EXECUTIVE OFFICE

As we concluded in our Annual Review letter a year ago, “2015 was a stellar year for WBN and we consider it only a sign of things to come.” And come it did in 2016! The year saw advances in virtually all areas of the Network’s activities. We believe that reviewing the year is best accomplished through the key words of WBN’s value proposition on the cover of this report.

MARKET-LEADING, INDEPENDENT FIRMS

WBN is comprised of firms that typically are in the top-quartile of their markets and are independently owned and managed. Joining us in 2016 were Clark Thomson Chartered Insurance Brokers, the largest independent insurance broker in Scotland, and Accompass, Inc., a 20-year-old Canadian firm providing the full range of employee benefits & health, investment & retirement, and executive & broad-based compensation services. With the addition of Accompass, Employee Benefits services now account for a third of the total combined annual revenues of WBN members. We will continue to expand the Employee Benefits membership footprint.

Thus far in 2017, we have added Lurse, a leading employee benefits firm in Germany, Koban Südvers Group in Croatia, Millennium Insurance Brokers Co. in Dubai, and Associated Insurance Consultants in Egypt and the UAE and operating as Daman Insurance Services in Saudi Arabia. AIC’s Walid Nehme was elected to the WBN Board of Directors in 2016.

Associate Membership has held an important, value-added position in the WBN value proposition. During 2016, four new Associate Members were added, including:

· Belfor Property Restoration (Birmingham, Michigan), the world’s largest disaster recovery and property restoration company,

· Boardroom (Singapore), Asia-Pacific’s leader in Corporate and Advisory Services,

· RiskAdvisor (Perth, Australia), which provides a unique online risk platform enabling brokers to maximize risk profiling services across 3 primary

To WBN Members, Associate Members, Clients, Insurer Partners, and Friends:

areas of risk—Insurable Risk, Enterprise or Business Risk, & Work Health and Safety Risk, and

· USA Risk (Vermont), the U.S.’ leading captive insurance consulting and management company.

KNOWLEDGE & EXPERIENCE

A basic premise upon which WBN is built is that indigenous firms and their long-time local personnel will have the most thorough knowledge of the insurance, regulatory, economic and cultural characteristics of their specific markets. In addition to the in-country training and education each firm conducts on an ongoing basis, WBN provides additional programs through our Global and Regional Conferences, webinars, and teach-in programs. During 2016:

· Over 200 members, clients and insurers attended each of our Global Conferences in San Diego and Singapore. Insurers and clients provided presentations and participated in panels ranging from best practices to risk and product reviews and thought leadership from some of the world’s leading experts,

· 90 members from 31 firms in 27 countries across Europe attended the Europe Regional meeting in Lisbon, where subjects ranged from changing European data protection regulations to client case studies. The meeting was hosted by member MEDIAN-Corretores de Seguros S.A. and sponsored by WBN’s Level One Sponsors AIG and Zurich Insurance Group,

· Webinars by insurers covered subjects ranging from multinational training to requirements of the U.S.’ Foreign Account Tax Compliance Act (FATCA) for insurance and benefits transactions,

· Ten training sessions on multinational insurance process and skills were conducted for more than 100 European member firm executives. The sessions are led by Toni Gambonini, who will lead additional sessions in Europe and other regions in 2017,

· Steering Committees focusing on Employee Benefits, insurer product offerings, WBN technology and communications continued to share experience and


maximize network effectiveness in these important areas. [Each is discussed later in subsequent sections of this report.]

To facilitate activities in these key areas, we expanded WBN experience and leadership with two important staff additions who have extensive multinational experience. LeAnne Stefl brought deep Employee Benefits experience in cross-border programs and, as mentioned above, Antoinette “Toni” Gambonini opened our Europe regional office in London to share her extensive experience in multinational insurance. As you will see from their thumbnail summaries at the back of this report, each brings more than 25 years of cross-border experience in their respective areas. Summaries of their activities during the year appear in sections following this letter.

COLLABORATION & CROSS-BORDER TRAINING

As members and many insurers know, no broker network—independent or owned—provides as many opportunities to collaborate globally and regionally as WBN.

The collaboration centerpiece is our Global Conference and we have conducted two such conferences annually since the network was founded in 1989. Each year, the April conference in or near the city hosting the U.S. RIMS conference enables members from around the world to tie-in meetings with their U.S. client risk managers and prospective clients attending RIMS.

In 2016, the San Diego Conference was co-hosted by WBN Member HUB International. Immediately following our 2 ½–day conference, we welcomed approximately 250 members, clients, prospects, insurers, media and friends to a reception the Sunday evening prior to the RIMS kickoff. In October, the Conference is always in one of the other five regions in which we have members. Singapore, the financial center of the booming Asia Pacific region, was the site for 2016, co-hosted by Australian member Honan Insurance Brokers and Singapore member Sterling Knight, with approximately 230 members attending from all continents.

However, location is just one small aspect of the Global Conference program. Each Conference begins early

2016’s Conference Speaker Series provided informed insight into headline issues: “The State of Cyber Security,” with Malcolm Palmore, Assistant Special Agent in Charge (Cyber Branch), U.S. Federal Bureau of Investigation/San Francisco (above), and “Competitiveness in the Context of a Rising Asia,” with Professor Richard Petty Ph.D. and Chairman, Australia Chamber of Commerce Hong Kong & Macau.

Wednesday evening with the WBN Speaker Series in which a noted guest addresses a topical matter of the day. In San Diego, we got an inside look at worldwide cyber crime from Malcolm Palmore, Assistant Special Agent in Charge of the Federal Bureau of Investigation’s San Francisco Cyber Branch. In Singapore, Professor Richard Petty Ph.D. discussed “Competitiveness in the Context of a Rising Asia,” including the attendant geo-political, economic, technological and social changes. Both were fascinating discussions about issues with global implications affecting both client and member business environments.


MESSAGE FROM WBN’S EXECUTIVE OFFICE, continued

In 2016, we also continued to refine the overall program format. The morning sessions begin early with working breakfast meetings and roundtables, followed by general sessions for all attendees and featuring speakers, panels and specific tracks for both Employee Benefits professionals and our Young Professionals Group of up and coming leaders from member firms. Among the subjects: “Asia: Minding the Insurance Gaps and Their Global Implications,” “Challenges of Insurance in Asia” and “The Impact of Innovation.” Afternoons are largely dedicated to more focused meetings in which insurers meet with members,

members meet with clients, members meet in regional groups and steering committees plan the future.

For the past three years, each conference has been highlighted by WBN’s “Joining Hands Worldwide” program in which a financial contribution is presented to a local non-profit organization recommended by the member co-host of the conference. In San Diego we supported Project Concern International which, for a half century, has worked on four continents to enhance health, end hunger and overcome hardship. In Singapore, our support went to CampVision, an all-volunteer program assisting underprivileged Singaporean youth.

The 2017 Global Conferences will be in New York City April 19–22 [with the RIMS Reception not far away in Philadelphia] and in Paris October 25–28.

Our European Region has been conducting its own annual meeting since 2012. In January 2016, 90 members from 31 European firms gathered in Lisbon for a day of business development meetings and discussions on a regional scale.

The final collaboration leg is participation in industry events. Each year, WBN members and executives participate in a variety of industry meetings, including the Council of Insurance Agents & Brokers (CIAB) separate Leadership Forums on Property & Casualty Insurance and Employee Benefits, activities at the U.S. Risk and Insurance Managers Society (RIMS) annual meeting, and Federation of European Risk Management Association (FERMA) conference in Europe. We also have been requested to attend PARIMA, the pan-Asia equivalent of RIMS, and BIPAR, the European Federation of Insurance Intermediaries.

ACCOUNTABILITY

From our founding in 1989, member-to-member accountability has been a keystone of the WBN shared business development and client service model. By their very nature, this relies on critical continual improvement process. During 2016, we began to further refine both our Standards of Service Policy and 360° Peer Review program to assure multinational clients continued high levels of service wherever their facilities are located. With this work now nearly complete, beginning in 2017, 3 different member firms are being

WBN’s philanthropy program—Joining Hands Worldwide—saw check presentations at both 2016 Global Conferences. Above from left, Honan’s Cynthia Tan and Asia Pacific Board Member Damien Honan and Board Chairman Daniel de Swaan (right) introduce Singapore’s CampVision at the Gala Dinner in October.

Below: Former Board Chairman Markham McKnight (right) recognized Project Concern International in San Diego in April.


assessed each month by fellow members on subjects ranging from responsiveness and communications to level of knowledge in their local markets.

GLOBAL INFORMATION TECHNOLOGY

WBN’s investment in technology reflects the critical importance of global information management and accessibility. From the management aspect, we rolled out our new, web-based insurance management information system in the second quarter of the year. Called WBNet 3.0…powered by Origami Risk—the new system provides secure, collaborative, customizable online views of international risk and employee benefits programs 24/7. As of this writing, 1,100 member users in 80 countries had already loaded over 500 clients into the system.

Refinements during the course of the year have included a currency conversion feature and decentralized access rights for servicing members. You can read more about this exciting innovation later in this report.

Access to information about WBN is also an essential part of the marketing process and, during the course of the year, WBN’s Director of Technology, Robert Sterngold, also led a team of members and staff in development of a new website. Unveiled in March, 2017, the new website makes it easier for potential clients to find WBN brokers serving their markets, facilitates member communications and business development opportunities by way of a Members’ Forum, and enables both members and sponsors to provide news and thought leadership. The new website underscores the collaboration which we feel separates WBN and its members from other networks. You are invited to try it out at www.wbnglobal.com.

PURCHASING POWER

Although all of the other elements of the WBN value proposition distinguish our network from others, it’s true that size matters. Size is a measure of success and, at the same time, it helps to get the attention of insurance and employee benefits coverage providers. As a result, we decided in mid-2016 that communicating the size of the network—as reflected in the combined insurance and employee benefits revenues of our member firms—

was important. At $5 billion, WBN is, by far, the largest network of independent firms and the fourth-largest of all broker networks—owned and independent.

The rankings illustrate the strengths of our individual members on a standalone basis as well as the combined purchasing power of the entire network.

LOOKING AHEAD

As we said about 2016, the year ahead looks very exciting. Membership continues to grow, albeit at a pace reflecting the fact that we already have a substantial presence in more than 100 countries. We expect to see an increase in the Employee Benefits contribution to our combined revenues. The Global Sponsorship program continues to attract some of the world’s most significant insurance companies and benefits providers seeking to increase their involvement with us. Our conferences continue to grow in attendance, quality of content and, following early successes last year, involvement of clients sharing their experiences and satisfaction. Our steering committees will help further refine both the programs made available to members and the service provided by the executive staff. And we will seek new innovations that maximize the benefits that our key audiences—WBN members, their clients and insurers—rely on.

Yes, like the year before it, 2016 was another stellar year and we consider it a sign of things yet to come.

Bruce Basso Chairman Emeritus

Francie Starnes Chief Executive Officer

March 22, 2017


EMPLOYEE BENEFITS

Employee Benefits programs—which are increasingly part of the total risk management solution for organizations—have cross-border implications that are perhaps even more complex than commercial insurance when it comes to differences in country-to-country regulations, cultural customs and business practices. Most WBN members have extensive employee benefits capabilities within their firms, but the growth of benefits-only practices continues.

To meet this growing demand, WBN added industry veteran LeAnne Stefl as Director of Employee Benefits in April 2016. With more than 25 years of experience in the insurance industry, LeAnne brings a broad depth of knowledge covering both U.S. and Global Employee Benefits, most recently as part of the San Diego Executive Leadership team for WBN member HUB International, where she was responsible for account management, member services and health & performance teams. Before that, she spent 14 years leading Willis’ Multinational Employee Benefits Practice, and at Mercer as a Senior Consultant and Team Leader advising medium and large clients regarding their U.S. benefits programs.

The Employee Benefits members are taking a more active role in the network. During the course of the year the EB Steering Committee comprised of representatives from 10 firms (see page 13) was created with specific short- and long-term goals identified. By the end of 2016:

· New co-branded products—an AIG/WBN Business Travel Accident Policy and a United Healthcare/WBN Global Assistance and Risk Mitigation Service—were introduced, with further co-branding opportunities being explored,

· A Life Science Benchmarking Study was conducted among 8 members for presentation to clients, prospects and other members,

· Country Updates by members have become a regular part of the Employee Benefits track at Global Conferences, with 11 members presenting at the San Diego conference and 9 presenting in Singapore. The EB track at Global Conferences continues to become more comprehensive, including participation by EB clients,

· EB sponsors in 2016 included AIA, AIG, AXA, Cigna, MetLife, United Healthcare, and Zurich,

· Axco compliance and information reports used by EB members were expanded and are more comprehensive,

· An EB technology committee was established to further educate and expand usage of WBNet and other services,

· One new EB member—Accompass, Inc. of Canada—was added, with others being identified and qualified for possible future membership.

JOINING HANDS WORLDWIDEThe WBN Philanthropy Program To SupportWorthy Causes in Cities Hosting Our Global Conferences

OCTOBER 2014: SANTIAGOChildren’s Hospital Luis Calvo Mackenna (Recommended by member host Lilienfeld Corredores De Seguros.)

APRIL 2015: WASHINGTON, D.C.Foundation to Eradicate Duchenne(Recommended by Board Chairman Markham McKnight of BancorpSouth Insurance Services, Inc.)

OCTOBER 2015: BUDAPESTHungarian Hospice Foundation(Recommended by member host Potter Broker.)

APRIL 2016: SAN DIEGOProject Concern International (PCI)(Recommended by member host HUB International, Ltd.)

OCTOBER 2016: SINGAPORECampVision(Recommended by member co-host Honan Insurance Brokers.)


EUROPE REGION

In March 2016, WBN also expanded and strengthened our ability to serve and support our 38 partner firms in Europe by establishing an office in London managed by seasoned insurance professional Antoinette “Toni” Gambonini. A recognized expert in global risk management, Toni’s responsibilities include fostering cross-border European and international business opportunities inside and outside of Europe; providing international business development training to WBN’s Members, and chairing both the European Steering Committee and WBN’s European insurance carrier sponsor relationships.

Notable accomplishments during the year included:

· Expanding the role of the European Steering Committee to improve positioning by European members for international business opportunities through training, prospecting and referrals,

· Meetings in 5 European cities for 75 members of 17 firms to advance skills in multinational business development

· Insurance Carrier training in subjects ranging from multinational insurance compliance to cyber coverage, the U.S. FATCA regulation compliance and

international business development with major insurer sponsors AIG, AXA and Zurich,

· Singapore Global Conference training on the subjects of “Misplaced Compulsory and Admitted Insurance Coverages” and “The Consequences Your Client Will Suffer When There Is A Claim,” with an enhanced version being considered for the Global Conference/New York in April 2017,

· Introducing the UNIWORLD international database system that WBN Members can access through the new WBN website to identify and contact international business development opportunities, and

· Working with European members and the WBN Staff to refine the Network’s formal documents defining Adequate Compensation and Scope of Services.

In 2017, major plans for the European Region and its Steering Committee include expanding International business development training in both Europe and the U.S., completing the Adequate Compensation and Scope of Services documents, and providing additional training sessions at the two Global Conferences in New York and Paris.

WBN SPEAKER SERIESCHICAGO | MAY 2012 Robert Benmosche, Chief Executive Officer, AIG

SHANGHAI | OCTOBER 2012 John Nelson, Chairman, Lloyd’s of London

SAN FRANCISCO | APRIL 2013 Thomas Motamed, Chairman & Chief Executive Officer, CNA

ROME | OCTOBER 2013 Luigi Guiso, AXA Professor of Economics & Household Finance, Einaudi Institute for Economics & Finance

DENVER | APRIL 2014 David Stills, Vice President-Risk Manager Wal-Mart Stores, Inc.

SANTIAGO | OCTOBER 2014 Hon. Evelyn Matthei, Former Chilean Minister of Labor & Social Security, Former Senator

WASHINGTON, D.C. | APRIL 2015 Charlie Cook, Political Analyst

BUDAPEST | OCTOBER 2015 His Majesty Georg von Habsburg-Lothringen, Archduke of Austria and Prince Royal of Hungary

SAN DIEGO | APRIL 2016 Malcolm Palmore, Assistant Special Agent in Charge San Francisco Cyber Branch, Federal Bureau of Investigation- U.S. Department of Justice

SINGAPORE | OCTOBER 2016 Professor Richard Petty Ph.D., Chairman, Australia Chamber of Commerce Hong Kong & Macau


TECHNOLOGY

WBNet 3.0…powered by Origami Risk is a core component in our members’ success in competing for cross-border business. Following the successful rollout of the online insurance collaboration system in 2015, WBN has remained committed to improving its technology systems to incorporate new capabilities and to meet member needs. As reported above, by the end of 2016, 1100 member users in 80 countries and 100 client users were already using the system to collaborate on coverage documents.

A widely requested new feature, currency conversion, allows client reports written around the globe to be compared using dollars, euros or pounds sterling. Another key improvement is decentralized access rights delegation, enabling originating brokers to invite WBN servicing brokers across the network to collaborate on their clients without having to first go through WBN headquarters to request access, speeding up the collaboration process.

The WBN Technology Committee (see list on page 13) has weekly calls to assure that WBNet remains among the best-in-class technology, augmented by bi-weekly calls and quarterly governance meetings with Origami Risk representatives who are planning to attend the WBN Global Conference in New York during April 2017.

In addition to the continuous maintenance and improvement of WBNet, WBN’s new website,

under construction for the past year, will be live by the time this report is distributed. After surveying the membership, WBN collected a wish list of improvements to the old website, most of which have been incorporated into the new website, with others to be added after members, their clients and insurers have had an opportunity to utilize the site.

Key features for the new website include:

· Map-based member search with filters for region, country and industry specialty/line of coverage,

· A Members’ Forum, allowing for shared business opportunities, inquiries, member news and announcements, thought leadership, best practices and other collaboration in a secure environment,

· Member factsheets and contact lists now revamped to provide firm information such as industry or product line specialization, in a format that can be easily shared with clients,

· Member access to the UNIWORLD international database for use in identifying cross-border business opportunities and contacts, and

· A responsive website design that optimizes the layout of the site for a range of devices, from PCs to tablets and smartphones.

“Origami Risk takes great pride in our ongoing partnership with WBN. We’ve worked with WBN’s Technology Committee and leadership to create a targeted solution that allows WBN member firms to more effectively collaborate and manage the needs of their multinational clients. As the #1 rated RMIS system 4 years in a row, Origami Risk is a perfect fit as the technology provider for the world’s largest network of independent property & casualty brokers and employee benefits consultants. We look forward to our continued collaboration and joint success.”

– Bob Petrie CEO, Origami Risk


MARKETING COMMUNICATIONS

The WBN brand continued to spread in 2016 by way of a combination of network communications initiatives and continuing adoption by members. Perhaps the most significant development during the year was the midyear messaging that WBN is, in fact, the largest of the independent broker networks and 4th-largest of all broker networks as measured by combined annual revenues.

Using a combination of media, the 2016 program included:

· Advertising in leading insurance media in North America, Europe and Asia Pacific. Once again, advertising was tied to key events such as RIMS, CIAB, FERMA and other regional European conferences, and to our own Global Conference in Singapore.

· Editorial Coverage, which included a 5-month series in Commercial Risk Europe in which 14 members were asked to discuss “What do risk managers, brokers and insurers have to consider to make sure that global programmes work as intended?” In addition, Francie Starnes was interviewed in CRE, Business Insurance and Global Benefits Vision following her appointment as Chief Executive Officer,

and she, Chairman Daniel de Swaan and Asia Pacific Board Member Damien Honan were featured in an Asia Insurance Review interview conducted during our Global Conference in Singapore. Two lengthy features in Insurance Business America included interviews with Chairman Emeritus Bruce Basso and three WBN members on the value of belonging to a network for cross-border business development and client service. In addition, Board Member Patricia Conduta of Harmonia in Brazil was interviewed in Risco Seguro, a leading Portuguese-language insurance publication. Copies of all articles can be seen on the WBN website.

· Member adoption of branding materials included use of advertising with local firm identities, incorporation of the “10 Largest Networks” ranking into business presentations, continued firm tagging of the video “Why WBN in 100 Seconds”, and leveraging of WBN membership on firm websites & intranets, email signatures and in-office promotion.

The Marketing Communications Advisory Committee continues to be an important asset to WBN branding and its membership will be rotated in 2017 following excellent support in its three years since being formed.

Rank Company Revenues (bns)*

1 Marsh & McLennan $12.9

2 AON, PLC $11.7

3 Willis Towers Watson PLC $8.1

4 Worldwide Broker Network (WBN) $5.0

5 Arthur J. Gallagher & Co. $4.0

Rank Company Revenues (bns)*

6 Jardine Lloyd Thompson $1.7

7 BB&T Insurance Holdings $1.7

8 Brown & Brown, Inc. $1.7

9 Hub International, Ltd. $1.5

10 Lockton Cos. LLC $1.3


YOUNG PROFESSIONALS GROUP

The YP Group, founded in 2013, is comprised of executives from around the globe who, being under the age of 35, represent the next generation of key leaders in WBN’s member firms. Cross-border collaboration is a priority area for the YP’s, working to drive business activity and exchange between member firms. The Group embraces liked-minded individuals who seek to collaborate utilizing innovation, technology, intellect, and information for the betterment of their individual firms and the collective WBN organization.

WBN is fully committed to the YP Group, promoting participation in Global Conferences through leadership and training. The group has seen significant growth this year, now exceeding 80 members from all over the globe, up from 50 in 2015, with over a third of those members attending the semiannual conferences. During the conferences specific breakout sessions are dedicated to issues of particular importance to the YP demographic, collaborative sessions to formulate goals for the group going forward, and networking with member firms and leadership alike. This allows individual YPs to broaden their knowledge in business, the insurance industry, and an understanding of the broad experience that leaders willingly share.

The Group’s objectives include recommending new ways to attract and retain talent, identifying educational offerings, fostering innovation within WBN committees, and providing valuable assistance to WBN strategic initiatives.

Leadership of the Group consists of Jamie Neumann, Hays Companies/U.S. as chair; Matthew Serck, ADD/Belgium as vice chair; Andrew Fluitsma, Honan Insurance Group/Australia as former chair/overseer; and Eva Madsen, Ensure/Denmark as liaison to the WBN Board. The group will also continue to develop an Advisory Board made up of “graduates” who pass the age of 35.

Going forward in 2017, the Group will develop a rotational leadership chair to gain insight from all global regions, continue plans to grow the group and attract more members to attend conferences, offer YP-specific goals and objectives to work on for the organization as a whole, formulate new course offerings and webinars from key insurer partners, and a mentoring program.

We are proud of the group’s enthusiasm and accomplishments to date, look forward to its continued growth and development and thank those members who increasingly invest in their individual firms and the network’s future.

WBN 2016-2017 GLOBAL SPONSORS

European Regional Meeting Sampling / Lisbon• Sales & Business

Development Panel• Scope of Services /

Adequate Compensation

• European Market Compliance

• WBN Marketing Tools

• Prospecting in Europe / Recent Success Stories

• Individual Group Meetings

• WBNet 3.0…powered by Origami Risk Training

Midyear Directors’ Meeting / New Delhi• Increasing Producer /

Servicing Broker Collaboration

• Scope of Services /Adequate Compensation

• Cross-Border Employee Benefits Opportunities

• Geographic Expansion—insurance, employee benefits & associate members

• Carrier Relationships & Sponsorships

• WBNet 3.0…powered by Origami Risk Status Review

• Guest Speaker—India’s Financial Services Sector, Suni Mehta, Former CEO /Country Head, AIG & Independent Director, State Bank of India

2016 HIGHLIGHTS ACROSS THE GLOBE

New Members• Clark Thomson

Chartered Insurance Brokers / Scotland

• Accompass, Inc. / Canada

Associate Members• Belfor Property

Restoration / U.S. • Boardroom / Singapore• RiskAdvisor / Australia• USA Risk / U.S.

WBN Staff / Office Additions• LeAnne Stefl / Director

of Employee Benefits• European Office Opened

Antoinette (“Toni”) Gambonini / Consultant

Annual Pre-RIMS Reception / San Diego

Global Conference Sampling / Singapore• WBN Speaker Series—

Competitiveness in a Rising Asia, Dr. Richard Petty

• Asia Insurance Gaps & Implications—Keith Thomas, Zurich

• Understanding the US Healthcare Market—Ben Holley, United Healthcare

• Challenges of Insurance in Asia—Doina Palici-Chehab, AXA

• Client Presentations

• Innovative Risk Solutions Roundtable—Didier Belot, Swiss Re

• Employee Benefits Country Updates—WBN

• Impact of Innovation—Steve Grabek, AIG

• Insurer breakfasts & meetings

• Charitable Contribution —CampVision

Global Conference Sampling / San Diego• WBN Speaker Series—

CyberCrime from the FBI’s Viewpoint, Malcolm Palmore, FBI

• Global Risk—John Scott, Zurich

• Changing Risk Landscape—Robert Schimek, AIG

• Employee Benefits Client Panel

• A Day in the Life of an Underwriter—AIG Panel

• Cyber Liability Roundtable

• International Business Regulatory Developments— Petra Riga, Zurich

• Benefits 360 Simulator—Tom Flavian, Jim Long, AXA

• Insurer breakfasts & meetings

• Charitable Contribution—Project Concern International


COLLABORATION

One of the 8 critical Value Proposition elements displayed on the cover of this report, Collaboration is on full display at WBN’s twice-yearly Global Conferences. Whether at formal sessions, breakfast roundtables, Employee Benefits and Young Professionals separate tracks or between sessions, members, insurer sponsors and other partners maximize their time together as seen in candid photos taken during the 2 ½ days of each conference.


WORLDWIDE BROKER NETWORK

WBN CHAIRMEN

1989–90 Olivier Favre (France)

1990–91 Eric Kiefhaber (Austria)

1991–93 Alec Finch (UK)

1993–94 Manfred Karle (Germany)

1994–96 Douglas Smith (Scotland)

1996–98 Wolfgang Koppitz (Germany)

1998–02 Jaap Meijers (the Netherlands)

2002–05 Jacques Verlingue (France)

2005–07 Alec Finch (UK)

2007–09 Gary Griffiths (U.S.)

2009–10 Damien Honan (Australia)

2010–12 Neil Morrison (Canada)

2012–14 Florian Karle (Germany)

2014–16 Markham McKnight (U.S.)

2016–18 Daniel de Swaan (the Netherlands)

EMPLOYEE BENEFITS STEERING COMMITTEE

Michael Atta, Honan (Asia Pacific)Ed Cha, ABD (North America)Ana Carolina Conduta Losco, Harmonia (Central &

South America)Alan Fergusson, Mattioli Woods (Europe) (Board

Member)Lisa Lewis, Holmes Murphy (North America)LeAnne Stefl, WBNAnne Terry, Hays Companies (North America)Dirk Van Liempt, ADD (Europe) (Board Member) James Watt, Ascende/EPIC (North America) (Board

Member)Peter Weber, Proteccion Dinamica (North America)Javier Yturralde, Ascende/EPIC (North America)

EUROPEAN STEERING COMMITTEE

Bruce Basso (WBN)Toni Gambonini (WBN)Alex Gilmore, Price Forbes (UK)Eva Madsen, Ensure (Denmark)Helene Paounov, Verlingue (France)Reinhard Riehl, Sudvers (Germany)Matteo Scagliarini, Scagliarini (Italy)Francie Starnes (WBN)Daniel de Swaan, Meijers (Netherlands)Dirk Van Liempt, ADD (Belgium)Bart Vanoorbeek, ADD (Belgium)Guido Verheijden, Meijers (Netherlands)

AIG STEERING COMMITTEE/ EMPLOYEE BENEFITS

Patty Boylan, Integro (U.S.)Ed Cha, ABD (U.S.)Lisa Lewis, Holmes Murphy (U.S.)Tanja Lumpp, Hylant (U.S.)Steve Needle, EPIC (U.S.)Mary Parker, Ascende/EPIC (U.S.)Anne Terry, Hays Companies (U.S.)

IT STEERING COMMITTEEAurore Livet, International Department, Verlingue

(France)Matthew Serck, ADD nv (Belgium) Alan Taylor, Honan Insurance Group (Australia) Bart Vanoorbeek, ADD nv (Belgium) Vincent Verhagen, Meijers (the Netherlands)Dirk Wenning, Südvers Gruppe (Germany)

MARKETING COMMUNICATIONS STEERING COMMITTEE 2017

Ed Cha, ABD (U.S.)Priscilla Conduta, Harmonia (Brazil) Alan Fergusson, Mattioli-Woods (Scotland) Bob Finch, AFL (U.K.)Alex Gilmore, Price Forbes (U.K.)Damien Honan, Andrew Fluitsma, Honan Ins Group

(Australia) Jamie Neumann, Hays (U.S.)Reinhard Riehl, Sudvers (Germany)Leslie de Swaan, Meijers (Netherlands) Peter Weber, Proteccion Dinamica (Mexico)

YOUNG PROFESSIONALS ORGANIZING COMMITTEE

Andrew Fluitsma, Honan Insurance Group, Former Chair/Overseer (Australia)

Eva Madsen, Ensure, WBN Board Liaison (Denmark)Jamie Neumann, Hays Companies, Chair (U.S.)Matthew Serck, ADD, Vice Chair (Belgium)

GENERAL COUNSEL

Mayer Brown LLP

ALAN FERGUSSONMattioli Woods Group, Aberdeen, Scotland, UK Alan is responsible for the strategy and development of employee benefits within the Mattioli Woods Group, continuing the role he

started within Kudos Financial Services Limited, prior to its acquisition in 2011. Alan has worked in the financial services industry since 1989 and has spent the last 17 years advising corporate clients on their employee benefits design, structure, implementation and ongoing administration.

ALEC FINCHCorporate Secretary AFL Insurance Brokers, London, UKA WBN founding member in 1989, Alec serves as the Board’s Corporate Secretary. He

is Chairman of AFL Insurance Brokers Ltd and has worked in Lloyd’s and UK Regional markets for more than four decades. He also is a Freeman of The City of London, a member of the Worshipful Company of Insurers (which combines business and philanthropy), Deputy Chair of the Insurance Brokers’ Standards Council, and he has served on numerous industry boards and committees in the UK and U.S. Alec received the Lifetime Achievement Award in the 2008 UK Broker Awards.

WILLIAM GOLDSTEINIntegro Group,New York, New YorkBill is the Chief Executive Officer of Integro. Previously, Bill served as Integro’s Chief Financial and Operating Officer. He joined

the Company in 2006 and has more than 20 years of financial management and operational experience in the insurance industry. Prior to joining the Company, he was a senior manager in PricewaterhouseCoopers’ Assurance Practice, where he specialized in leading audits of financial statements and conducting evaluations of internal controls for public and non-public companies. Bill is a Certified Public Accountant, has an MBA from Rutgers University and completed a BA in history at the University of Vermont.


2016 BOARD OF DIRECTORS

JUAN CARLOS ARIAS Corporación Continental, Panama City, Panama Juan Carlos has been Managing Director of Corporación Continental, S.A. for 24 years. In 2013, he also served as Vice President of

the Board of the Association of American Chambers of Commerce of Latin America in Washington, D.C.; President of The Board of the World Trade Center Panama; President of the American Chamber of Commerce and Industry of Panama; and President and Board Member of the American Chamber of Commerce and Industry of Panama (AmCham). In 1995–96, he was an International Executive with Sedgwick Group in London.

JOSE CONDUTA Harmonia/Howden Group, Sao Paolo, Brazil Jose is Chief Executive Officer of Harmonia, which he founded in 1981. It grew to become one of the largest independent

insurance brokers in Brazil, offering a broad range of insurance solutions to its customers, which include individuals and Brazilian and multinational companies from various sectors. Harmonia was acquired by Howden in late 2014.

DANIEL de SWAAN WBN Board ChairmanMeijers Assurantien B.V., Amstelveen, the Netherlands Daniel joined Meijers, an early member of WBN, as CFO in 2005 and is responsible for all

staff activities in Finance, IT, HR, Facilities and Legal & Compliance. In addition, he also heads up the private clients team, Meijers Assuradeuren, the in-house underwriting agent, and he serves as liaison between Meijers and Meijers Credit, the trade credit subsidiary. His prior experience was with Uni-Invest, a large real estate investment company in Amsterdam, and in London with J.P. Morgan Investment Bank’s Merger & Acquisitions team.

PAVANJIT SINGH DHINGRAPrudent Insurance Brokers, Mumbai, India Pavan is the CEO of Prudent Insurance Brokers, the largest independent Indian broking company focusing on commercial

insurance. He has grown Prudent to a company with 7 offices and 410+ professionals and over 2,000 clients. He has a Bachelor of Science degree in Computer Science from Columbia University, New York.


BRIAN HETHERINGTONABD Insurance, San Mateo, California, U.S. Brian is CEO and Co-Chairman of ABD, a specialty insurance and financial services firm serving global clients from their Northern

California headquarters. Brian helped launch the ABD Team in 2012 to focus on providing the best advocacy while leveraging technology for the benefit of both clients and the firm. With 210 professionals located in 7 San Francisco Bay Area offices and Seattle, the ABD practice areas include Employee Benefits, Retirement Services, Property & Casualty, Executive Protection, Private Client Services, HR services, and more.

DAMIEN HONANHonan Insurance Group, Victoria, Australia Damien started at Honan Insurance Group in 1984, helping to place Heavy Motor Insurance policies in Melbourne. With a

vision to be a global insurance broker, in 1993, Damien purchased the business and continued to diversify Honan Insurance Group from life, general and heavy motor insurance broking to include corporate and business insurance broking. In 2001, Damien’s vision of becoming a global insurance broker became a reality when the company became a member of the Worldwide Broker Network, which enabled the business to place insurance for international companies expanding to Sydney and to the Gold Coast in 2007, Brisbane in 2008, New Zealand in 2009, Singapore, Asia’s financial and insurance hub, in 2010, and Malaysia in 2016. Today, the firm employs over 100 people in three countries. A former Chairman of WBN, Damien is now Director-Asia Pacific.

STEVE HYLANTHylant Group, Toledo, Ohio, U.S. Steve is EVP at Hylant. In 1987, he formed and directed the Michigan office of the firm which traces its origins to 1935 and today is

among the largest privately held insurance brokerage firms in the United States, with 700 employees in 14 offices in Florida, Illinois, Indiana, Michigan, Ohio, and Tennessee.

FLORIAN KARLESüdvers Gruppe, Au bei Freiburg, Germany Florian has been CEO and Managing Director of the Südvers Gruppe, one of the leading privately owned insurance brokers and sixth-

ranked overall in Germany, since 2000. The Group generates about 300 million euros in premium and employs about 380 insurance experts in 6 branch offices around the country and 6 locations in Austria. Südvers was one of the founding members of WBN and Florian has served on the board since 2003 and was chairman in 2012–14.

EVA MADSENEnsure International, Aarhus, Denmark Eva is CEO of Ensure, which traces its roots to 1999 when the company Dahlberg Aarhus started as a part of the Dahlberg Group.

A student of business, commerce and insurance at the Danish Insurance Academy, she began her insurance career in 1996 as a broker with Aon in Denmark and joined Ensure’s successor firm in 2002. Today, in addition to serving on WBN’s board of directors, she is responsible for the Network’s Young Professionals Group.

MARKHAM McKNIGHTBancorpSouth, Baton Rouge, Louisiana, U.S. Markham was chairman of the Council of Insurance Agents and Brokers in 2008. He has been a leading commercial insurance

executive for three decades, serving as executive vice president of Wright & Percy Insurance, one of Louisiana’s oldest and largest insurance agencies, from 1982–1994, and president and CEO of Wright & Percy Insurance from 1994 to 2005. BancorpSouth Bank, a subsidiary of BancorpSouth, Inc., acquired Wright & Percy in 2003. He has served as President of BancorpSouth Insurance since 2005. He has an MBA from Louisiana State University, serves as treasurer of the Louisiana Insurance Guaranty Association (by appointment of the Louisiana Commissioner of Insurance), and is a member of the board of directors of the American Bankers Insurance Association.

WALID NEHME Associated Insurance Consultants, Cairo, Egypt and Abu Dhabi/Dubai, UAEDaman Insurance Services, Riyadh, Saudi Arabia

CEO of AIC, which also operates as Daman Insurance Services, Walid has held positions with both insurance companies and insurance brokerage firms, as well as memberships in the Risk & Insurance Management Society (RIMS) – USA; the International Employee Benefits Association – Belgium; and Association Internationale du Droit des Assurances (AIDA). In 1995, he was appointed by the Lebanese Ministry of Justice to a committee charged with updating the country’s Insurance Law. Fluent in French, English and Arabic, he received a diploma in Insurance from Beirut’s St-Joseph University in 1991, followed by a degree in Advanced Mathematics from Lebanese University.


JACK SHAWorldwide Insurance Services, Taipei, TaiwanJack began his career as an insurance broker in 1966, working successively with Frank B. Hall, Johnson & Higgins, and Marsh &

McLennan International, all in their New York offices. In 1981, he was sent by Marsh to open their China offices in Beijing, becoming the first insurance broker operating in that country. He was relocated to Hong Kong in 1984 and again to Taiwan in late 1986. He obtained a Taiwan Broker License in 1987 and was elected as the founding Chairman of Taiwan Insurance Broker Companies Association in 1999. After Marsh closed its Taiwan and neighboring offices, Worldwide Insurance Services Enterprise Ltd., (WISE) was established and operational on January 1, 1988 as Marsh’s correspondent in Taiwan, replacing its original company structure of a wholly owned subsidiary. The relationship with Marsh ended in 1998 when Marsh acquired Johnson & Higgins. WISE joined WBN in 2003.

STEFAN THURNHERRVZ Insurance Services, Zurich, Switzerland Stefan is a Member of the Executive Board and Managing Director of VZ Insurance Services at VZ Holding AG. He has been

a Member of the Executive Board of the Company since 1998. He joined VZ Holding AG in 1994 and was, inter alia, Head of Insurance Advisory Services. He also serves as Chairman of the Foundation Boards of VZ Freizuegigkeitsstiftung, VZ Ammelstiftung, VZ Anlagestiftung and VZ Vorsorgestiftung 3a (VZ Vested Benefits Foundation, VZ Joint Foundation, VZ Investment Foundation and VZ Pension Foundation 3a).

DIRK VAN LIEMPTADD NV, Heverlee, Belgium Dirk was appointed CEO of ADD NV in June 2013 as part of a broader internal change in the structure of the insurance arm of the KBC Group. During his career, he has worked both

nationally and internationally in the insurance sector, including as Senior General Manager–Life & Pension Business of KBC Insurance. Since 2008, he has also been a Member of the Board of Directors of Assuralia, the Belgian federation of insurance companies.

JAMES WATTAscende/An EPIC Company, Houston, Texas, U.S. Ascende Founder and CEO Jim Watt sets and manages the firm’s strategic direction, provides his team the insight and guidance

to develop creative solutions that anticipate emerging needs, and oversees client engagement. He has over 25 years of experience in the design, communication, administration and funding of employee benefits plans for startups to Fortune 1000s. Jim previously was a sales and marketing senior account executive at CIGNA HealthCare in Los Angeles. In October 1993, he was instrumental in engineering the development of the first market-based Health Insurance Purchasing Cooperative (HIPC).

JOE WATTSHolmes Murphy, Inc., Des Moines, Iowa, U.S.Joe is a Vice President and Leader of Holmes Murphy’s International Practice Group (HMA Worldwide) as well as a leader in the

Architects and Engineers Design Professional Insurance Practice. His 25-year career has been spent developing solutions and placing coverage worldwide from Latin America to Asia, Africa, Europe and North America. His specialties include Architects and Engineers, International, Mining, Construction, Railroads - Contract Review, Risk Assessment, and Insurance Placement.

BOARD OF DIRECTORS continued

STAFF

BRUCE BASSOChairman Emeritus Bruce has over 40 years of insurance industry services experience that combines extensive business and operational expertise with demonstrated leadership and Board-

level responsibility in both the national and international insurance communities. He co-founded and built ABD Insurance and Financial Services (ABD), a $186M insurance brokerage, into one of the top 14 insurance brokers in the United States then acquired by Greater Bay Bancorp in 2002, and later by Wells Fargo as part of its acquisition of Greater Bay Bancorp. In 1995, Bruce established the U.S. arm of WBN and served as CEO until mid-2016, as well as Member of the Global Executive Committee, and Member of the Global Board of Directors.

FRANCIE STARNESChief Executive OfficerFrancie joined WBN in July 2015 as President and Chief Operating Officer following a 23-year career at AIG, first as a Senior Multinational Account Executive, followed by 7 years as Vice President

of Global Commercial Distribution, where she managed AIG’s Independent Broker Network relationships. She also previously served as Director of Cross Selling at ALICO, working closely with AIG’s Property Casualty and Benefits Division. Appointed CEO in mid-2016, she is responsible for representing WBN in industry relations, promoting and expanding WBN membership, carrier relationships, governance, conference development and member activities.

LEANNE STEFLEmployee Benefits Director

LeAnne joined WBN in April 2016 as Director of Employee Benefits to focus on growing employee benefits revenue through increasing membership, expanding carrier relationships,

training and development, and enhancing the employee benefits value proposition of our network.

With more than 25 years of experience in the insurance industry, LeAnne brings a broad depth of knowledge covering both U.S. and Global Employee Benefits. She has held executive and leadership positions with Mercer, Willis and HUB International. LeAnne is a recognized leader in the industry and has served as a faculty member, guest speaker, and published author, lending her extensive industry knowledge and expertise.

ANTOINETTE (TONI) GAMBONINIConsultant, European OfficeIn March 2016, Toni joined WBN as European Office Consultant, based in London, where she works with WBN’s European members and the European Steering Committee on

cross-border training, new business opportunities and strategic engagement with WBN’s premier sponsors. Toni previously spent 4 years with Assurex Global as Director of its Europe, Middle East and Africa Region. Before that, she was Director of Operations, Commercial & International for Barney & Barney in San Diego from 1985 to 2008 and built their International desk. Toni has also written a book on International Business Development and provides 1 day courses for insurance brokers and agents.

HOWARD KALTCommunications Director Howard has provided communications counsel to national and international companies in multiple industries ranging from technology to insurance and financial

services for more than four decades. Before establishing Kalt Communications in 2009, he was Senior Vice President and Group Leader at an international public relations agency which acquired his 25-year-old communications and investor relations firm in 2007. He has directed WBN’s communications efforts since January, 2014.

ROBERT STERNGOLDDirector of TechnologyRobert has been WBN’s Technology Director since 2013, developing WBN’s new website and WBNet 3.0…powered by Origami Risk, our online insurance collaboration software,

for which he also provides demonstrations at the request of WBN members. Additionally, he developed and maintains WBN’s 360° Peer Review Surveys, WBN Conference Satisfaction Surveys, and sets up and manages the software application that is used at the semi-annual WBN Member Conferences, as well as providing IT support for the WBN main office administration.

SCHYLER TOLLMANNAdministration/Office ManagementSchyler joined WBN In 2012. In addition to managing the Central Office and providing administrative support to the Management Staff, she coordinates the extensive activities

involved with WBN’s primary meetings, including the semiannual Global Conferences and the midyear Board Meeting, as well as most of the communications with members, insurers and other stakeholders.

1825 South Grant Street Suite 300

San Mateo, California 94402 U.S.

Tel: +1-650-341-1600

www.WBNGlobal.com

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