Insurance brokers labour in structured finance shadows

New business

Pennsylvania-based insurance broker Willis saw operating cash earnings jump by 172% in 2001, a rise the firm’s chairman, Joe Plumeri, attributes in part to the increasing role that structured finance business is playing in its revenue mix.

While the structured finance business may be very profitable, it is not very transparent. Banks’ or investment banks’ mandates are one of the main areas of business for these new structured finance groups. Usually the financial institutions have credit

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