Marsh Marsh & McLennan Companies Inc., the No. 2 global insurance broker, said the 2008 restructuring at Marsh Inc., its flagship insurance brokerage unit, was on track to generate annual savings of $200 million, and it plans further spending cuts …
$72 Million Fine to be paid by General Re Corp., to settle investor claims about its role in a fraudulent transaction involving American International Group Inc. The case centered on a transaction that investigators say allowed AIG to improperly boost …
Robert J. Ray has been appointed vice president and treasurer of Rogers & Gray Insurance Agency in Massachusetts. Ray joined the agency in July 2008 as chief financial officer. He previously worked at Hub International, formerly Brewer & Lord, and …
The New York State Insurance Fund (NYSIF) says its 2008 fraud prevention program accounted for more than $20 million in total savings – a record amount exceeding all prior yearly totals since the program began. “We are determined to continue …
Workers’ Comp and Commercial Lines to See Some Benefits The $787 billion stimulus package passed by Congress last month looms as the largest mountain on the country’s newly changed economic landscape. But despite hope that it will jumpstart spending, most …
A New Jersey insurance company has agreed to pay just over $239,000 to settle allegations that it offered improper incentives to a Boston-based brokerage firm. Massachusetts Attorney General Martha Coakley’s office said the Chubb Corp. will pay customers and the …
Why Agencies Should Track Source to Sale There’s one question I consistently hear from agencies of all sizes: “Can you give me ideas to make my phone ring more often?” When I hear it, it tells me right away that …
Julianne Bowler, former commissioner of the Massachusetts Division of Insurance, has joined Pawtucket, Rhode Island-based Narragansett Bay Insurance Co. as a senior consultant for corporate and strategic initiatives. Bowler served as commissioner from 2002 to 2007. While commissioner, she established …
Tax time isn’t the only time insurance agents need someone to look at their books. Many agencies use a certified public accountant (CPA) for preparing and filing tax returns. But, often, these professionals are unavailable during the year to monitor …
Drive-By Denial “While this was an unfortunate incident, the expansion of coverage beyond what is allowed for under the contract would be harmful for consumers.” —Richard Stokes, regional manager and counsel for the Property Casualty Insurers Association, commenting on a …
