“Our compensation system is under attack, it is probably about $2 billion that independent agents put in their pockets due to profit sharing and it is under attack, there is no doubt about it,” Bill Stiglitz, Independent Insurance Agents and …
The Bermuda-based White Mountains Insurance Group, Ltd. (WTM) has announced several changes. Joseph Steinberg, the chairman of Olympus Re, has resigned from the company’s Board of Directors. He will be replaced by Michael Frinquelli. In a separate bulletin WTM said …
When news of Eliot Spitzer’s allegations against giant insurance broker Marsh & McLennan hit the press in October 2004, local agents and brokers braced themselves for an onslaught of client concerns. They prepared brochures, distributed talking points to agency staff, …
Scandal: Now What? Nothing! When news of Eliot Spitzer’s allegations against giant insurance broker Marsh & McLennan hit the press in October 2004, local agents and brokers braced themselves for an onslaught of client concerns. They prepared brochures, distributed talking …
While insurance companies are calling upon state officials to coordinate their responses to the various brokerage compensation and other inquiries, independent insurance agents are worried about how the insurers themselves are responding to the pressure for disclosure of agent and …
While it is not an easy time now, the insurance industry will be better off in the long run as a result of the scrutiny it is facing from Eliot Spitzer and other officials, according to three top corporate executives. …
Insurance brokerage executives at Standard & Poor’s insurance conference, “Insurance 2005: Under the Microscope,” expressed confidence Tuesday that brokers would survive the sunset of the contingent-commission era through a combination of higher premium commissions, a broader array of insurance products …
Maurice “Hank” R. Greenberg, citing his inability to obtain information on the company’s operations, has officially resigned from the board of giant American International Group after some 40 years with the firm. “I previously stated my intention not to stand …
The former chief executive officer of Cologne Reinsurance Company in Dublin, a General Reinsurance subsidiary, has agreed to plead guilty to federal criminal charge of conspiring with others to misstate certain financial statements. John Houldsworth has entered into a settlement …
AG Targets Ex-Execs Greenberg and Smith; AIG Restates Financials; Is Settlement Next? – Maurice “Hank” Greenberg, AIG CEO, 1992 From the 1980s until recently, insurance giant American International Group and its top executives “routinely engaged in misleading accounting and financial …
