Title
Insurance Brokerage and Consulting Services - Approval
...History
Overview and Background
The Village recently issued a Request for Proposals (RFP) seeking qualified firms to serve as a broker/consultant for the Village's liability, property and employee benefit insurance programs for the upcoming 2019 renewal. Proposals were received from four (4) insurance brokers, including The Horton Group, Arthur J. Gallagher & Co., Conner & Gallagher Insurance Services Inc., and Alliant/Mesirow. All four responses were compliant with the RFP requirements and contained detailed pricing information ranging from $550,000 to $426,375 for a five (5) year period. A copy of the proposal summary is attached.
Broker Evaluation
A selection committee comprised of Trustee Carroll and staff from the Finance Department and Village Manager’s Office evaluated the proposals. Two of the four proposers were invited for an interview - The Horton Group and Arthur J. Gallagher. Each firm gave a brief presentation of the firm's qualifications, followed by responses to questions that the Village had provided them based on our initial review of their proposals.
Based upon submitted proposals and interviews, the selection committee recommends that the Village continue to contract with The Horton Group for liability, property and employee benefit insurance brokerage and consulting services. While both firms are sufficiently qualified to provide the services requested, staff is confident that The Horton Group is a better fit for a number of reasons.
On the property and liability side, The Horton Group has enabled the Village to keep its premiums flat or declining each year, while keeping our retention amounts at a reasonable level. This trend is due to The Horton Group's access to a large number of carriers, the Village's minimal claims history and a strong claims processor. During our relationship, The Horton Group has also decreased their agency fee by almost 25% as they became...
Click here for full text