Roger Schmelzer The Marsh & McLennan board of directors announced it has accepted the resignation of chairman and chief executive officer Jeffrey W. Greenberg. Stepping in to immediately replace Greenberg is Michael G. Cherkasky, named president and CEO. Cherkasky was …
Chicago-based brokerage giant Aon Corp. announced that it is eliminating its practice of accepting contingent commissions from underwriters. The move most likely is a response to New York Attorney General Eliot Spitzer’s suit against New York-based Marsh for the practice. …
Hurricanes, tornadoes, floods caused a tumultuous summer and shaky fall for the insurance industry, but no one could have predicted the results of Eliot Spitzer’s investigations in New York, which now threaten to spill over into other states. During a …
State insurance commissioners in the southeast and across the United States consulted in a conference call the week after New York Attorney Gen-eral Eliot Spitzer made allegations of rigged bids and price-fixing among commercial brokers and insurance companies. During the …
Florida Attorney General Charlie Crist has issued subpoenas seeking documents and records from 10 firms and anticipates sending six more subpoenas out next week as insurance industry investigations widen. Crist is investigating arrangements between insurers and brokers commercial group accounts …
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 …
Bermuda-based AXIS Capital Holdings Limited reported net income for the third quarter of $6.3 million, or 4 cents per diluted share, compared to $147 million, or 90 cents per diluted share, for the third quarter ended September 30, 2003. Net …
Prudential Financial has confirmed it has received subpoenas from regulators as part of an ever-widening probe into the insurance industry’s sales practices. Speaking from Newark, N.J., during the company’s third-quarter earnings conference call, Arthur Ryan, chairman and CEO said Prudential …
Ken A. Crerar, president of The Council of Insurance Agents & Brokers, has issued the following statement on broker compensation: “As the initial shock of New York Attorney General Eliot Spitzer’s allegations of wrongdoing against Marsh and McLennan Companies, Inc., …
Bermuda-based IPC Holdings, Ltd. reported a net loss for the quarter ended September 30, 2004, of $17.8 million, or 37 cents per share, compared to net income of $62.1 million, or $1.29 per share, for the third quarter of 2003. …
