Marsh & McLennan has been in constant contact and cooperation with New York Attorney General Eliot Spitzer and 26 other states investigating its insurance brokerage practices and while the ultimate objective is to settle all complaints, no timetable for a …
Connecticut Attorney General Richard Blumenthal has expanded his investigation into allegations that insurance bids were rigged by examining whether unlawful practices have affected municipalities in the state. In a letter to each of Connecticut’s mayors and first selectmen, Blumenthal has …
In the wake of the ongoing insurance brokerage probe involving bid rigging and incentive payments, Rhode Island Secretary of State Matt Brown is proposing legislation to prohibit insurance industry “incentive fees” and require full disclosure of all fee arrangements with …
Googlism.com strikes again, this time on the subject of the man who’s turning the insurance industry upside down. Googlism tells you what the Google search engine says about anybody or anything. The Web site tells us that New York Attorney …
New York City-based brokerage giant Marsh & McLennan Cos. revealed it would lay off about 3,000 employees to reduce annual expenses by $400 million. About three-quarters of the layoffs will occur in the insurance and risk management sectors, the company …
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 …
Perhaps like you, I have been fascinated by the press coverage our industry has received lately–probably more individual stories in prominent newspapers than at any other point in the last 25 years, all thanks to the lawsuit New York Attorney …
With the latest insurance-industry market conduct problem, consumers once again see not only the failure of state insurance regulation to protect them but the refusal of state insurance regulators to take responsibility for their failure. The latest actions by state …
Several southeast states, including Florida, Alabama and North Carolina are trying to ferret out brokerages and other firms engaged in bid rigging, price-fixing and anti-trust activities. They are eyeing commercial group accounts; property and casualty insurance transactions; life and health …
2004 Could Break Records for Announced Transactions Agency consolidations are likely to achieve record results for 2004 but the outlook for 2005 remains unclear. Agency acquisitions in 2004 will more than likely outpace prior years by at least 25 percent. …
