New York Superintendent of Insurance Gregory V. Serio said that his department has issued citations to Marsh & McLennan Companies Inc. (MMC), Marsh Inc., and Marsh Global Broking, wholly owned subsidiaries of MMC, and more than 10 other Marsh-related entities, …
The Commerce Insurance Company, the largest writer of private passenger auto insurance in Massachusetts, has updated its estimate of the financial impact of the proposed reform of the residual market system in the state to reflect changes in the rules …
The Massachusetts Property Insurance Underwriting Association (MPIUA), also known as the FAIR Plan, has filed for rate increases for its multi-peril homeowners risks. The FAIR Plan is seeking a 4.5 percent increase in rates for HO Forms 2, 3 and …
Lawyers in the second World Trade Center insurance trial clashed during opening statements in federal court in New York recently over the relevance of a boilerplate policy that defines the 2001 terrorist attack as one event. Bernard Nussbaum, a lawyer …
The day after sacking its chief executive officer, Marsh & McLennan Companies Inc. announced that it is adopting “significant reforms” to its business operations, including the permanent elimination of incentive fees at the center of a price fixing and bid …
If Massachusetts were to ever elect its insurance commissioner, Julianne Bowler would probably be the last person to run. Bowler, the current occupant of the appointed office in this very political state, is too modest, too private and too press-shy …
New York Attorney General Eliot Spitzer’s style of attacking an industry and then settling for money doesn’t sit well with at least one of the country’s insurance commissioners. Lawrence Mirel, insurance commissioner for the District of Columbia, is critical of …
Thoughts on the charges and investigations triggered by New York Attorney General Spitzer –and are people in the industry talking about anything else? Insurance professionals, young and old, are genuinely shocked over the bid rigging charges and deeply concerned over …
One mutual insurance company merger works out like a dream, while another devolves into a nightmare. Why? The dream mergers appear to take place when both partners are operating from positions of parity or strength and take the time to …
Community banks have come a long way since Jimmy Stewart’s character struggled to keep the Bailey Building and Loan alive to support the residents in Bedford Falls in Frank Capra’s 1946 classic “It’s a Wonderful Life.” Insuring these institutions has …
