Insider View: PDvsa account move

There is never a good time to lose a major account. But
JLT's loss of PDvsa comes at the worst possible time.
The energy market has been in freefall for three years and
although attention has been focused on the plight of underwriters
in London whose incomes have more than halved, the brokers are
hurting too.
With most of their costs fixed, energy intermediaries'
margins have collapsed, and the squeeze of revenues on existing
accounts has prompted brokers to aggressively...