The St. Paul Travelers Companies Inc. issued the following statement today after receiving a subpoena from New York Attorney General Eliot Spitzer’s office: “As part of an ongoing, industry-wide investigation of insurance sales practices, the Office of the Attorney General …
The SNL insurance broker index, which includes every public insurance company in the U.S., lost more than a quarter of its value since New York Attorney General Eliot Spitzer announced his investigation into contingent commissions and bid rigging. In response, …
Some worry the probe could move beyond public brokers and large commercial risks. New York Attorney General Eliot Spitzer’s filing on Oct. 14 of charges against giant insurance broker Marsh for alleged commercial account steering and bid rigging has already …
New York Attorney General Eliot Spitzer on Oct. 14 sued Marsh & McLennan Companies, the nation’s biggest insurance brokerage firm, alleging that it steered clients to insurers with whom it had lucrative contingency agreements, and solicited rigged bids from major …
New York Superintendent of Insurance Gregory V. Serio announced that his department has issued citations to Marsh & McLennan Companies, Inc. (MMC), Marsh, Inc., and Marsh Global Broking, wholly owned subsidiaries of MMC, and more than 10 other Marsh-related entities, …
Standard & Poor’s said today it believes the three major brokers on which it has commented since bid-rigging and account steering charges have rocked the industry have the “resources to manage through these issues” and remain viable and profitable businesses. …
The company at the center of a probe into insurance brokerage fees says it took in more than $1.2 billion in incentive payments over the past 18 months and that its decision to stop using such fees will reduce operating …
Willis Group Holdings announced it is abolishing controversial contingency agreements with insurance carriers immediately in North America and as soon as possible in the rest of the world where it operates. Joseph Plumeri, chairman and chief executive officer of Willis, …
State insurance commissioners in the southeast and across the U.S. consulted with each other during a conference call and will soon form a steering committee to coordinate a multi-state effort to investigate whether or not rigged bids and price fixing …
Editor’s note: This is a commentary piece submitted by David E. Wood of the law firm Wood & Bender. The recent suit by New York Attorney General Eliot Spitzer alleging price-fixing and deceptive practices by broker Marsh McLennan and major …
