Spitzer Probe Widens Across the Country

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Oct. 15, 2004: Marsh announces an immediate suspension of its practice of market services agreements (MSA) or PSAs with insurance carriers.

Oct. 18, 2004: Fitch downgrades Marsh & McLennan’s senior debt, S-T ratings. Shares of property/casualty companies fall.

Oct. 20, 2004: California Insurance Commissioner John Garamendi unveils proposal to protect consumers from undisclosed commissions

Oct. 21, 2004: S&P drops ratings on Marsh & McLennan Cos., Aon. Marsh announces that it collected $845 million in contingency payments in 2003, and another $420 million through June 30 of this year.

Oct. 22, 2004: S&P revises its outlook on the U.S. P/C commercial lines sector to negative from stable.

Oct. 25, 2004: Oregon regulators announce that they are investigating potential illegal activity in the state’s insurance industry and are considering some new regulations.

Oct. 26, 2004: Marsh announces that it has accepted the resignation of Greenberg; Michael Cherkasky is named president and CEO. Spitzer announces that corporate criminal prosecution for Marsh is not necessary.

Oct. 28, 2004: The Arizona Department of Insurance announces that they will review allegations of bid-rigging and price-fixing between insurance brokers and insurance companies in the state.

Oct. 29, 2004: The California Attorney General announces that it will launch an investigation into possible antitrust violations and fraud by insurance companies in the state.

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