US-based Risk & Insurance® magazine has named Philip Turner, Leader of the Specie Practice at Marsh, the world’s leading insurance broker and risk adviser, as a 2010 Power Broker™ finalist in its Fine Art/Specie category. Mr Turner was the only finalist ranked in the category working outside the US.

Mr Turner achieved the accolade in recognition of arranging a $1 billion programme of Excess of SIPC (Securities Investor Protection Corporation) insurance cover for several major US broker-dealers, which was the largest placement of its kind in history.

Established for over 20 years, Marsh’s Specie Practice provides expert risk solutions to the following business sectors: financial institutions, cash handling, fine art, the diamond trade and the precious metals mining industry. In addition the team has specialists in product recall/product contamination for food, beverage, cosmetics manufacturers and restaurant chains. The Specie Practice also arranges kidnap and ransom insurance, including piracy, for clients.

Overall, with 37 Power Brokers, Marsh accounted for more than one-quarter of the 144 individuals gaining the Power Broker recognition this year; its 34 finalists represented nearly one-third of the 112 insurance brokers in line for the top honours. Among the Marsh Power Brokers, 17 were named to the Under-40 category from a total of 57 of the younger achievers.

“I would like to congratulate Philip on being ranked as a finalist in this year's Power Broker list,” said Roy White, Leader of Marsh's Financial and Professional (FINPRO) Practice in Europe, the Middle East and Africa. “Philip is an outstanding insurance broker who, along with many other people at Marsh, is part of a great team which ultimately differentiates our firm in our service to clients.”

The Power Broker designations are based on nominations provided by brokers and risk managers as judged by separate panels of risk managers for each industry segment. According to Risk & Insurance, more than 300 risk managers were interviewed in the process of identifying and soliciting, evaluating and judging the final nominations. Brokers were judged primarily on their creativity in solving risk-related problems during 2009, their demonstrated industry knowledge and their high level of client service