The attack that began in October 2002 by then New York Attorney General, now Governor, Eliot Spitzer against bid rigging and contingent commissions generated significant losses, both in income and competitiveness, for the world’s three biggest global insurance brokers. Fortunately …
The leader of the Independent Insurance Agents and Brokers of America has promised agents his group will vigorously defend incentive pay and contingent commissions that have come in for criticism by some attorneys general. Citing the controversy of incentive pay …
Julie G. Barnett has been promoted to vice president in the Employee Benefits Department at TD Banknorth Insurance Agency, Inc. in Wethersfield, Conn. A senior account executive, she will continue to be responsible for servicing group clients and account retention. …
Contingent commissions for agents and brokers should be watched by regulators but these profit-sharing arrangements do not necessarily have to be eliminated, according to a leading insurance consumer advocate. “I think they need to at least be regulated and moderated,” …
In 1968 when the Maurice “Hank” Greenberg took over what was to become American International Group (AIG), it was an insurance agency selling other insurers’ policies around the globe. Within years, AIG was no longer selling other companies’ policies but …
Given today’s business environment, is it possible for independent agents to truly be “independent?” When we talk about an independent agent, we simply think of a producer who has access to many different carriers. That agent is not limited to …
Washington, D.C., is a bit bluer these days than it was about a year ago. The Democratic color means both challenges and opportunities for independent agents and the insurance industry, says Independent Insurance and Brokers of America’s CEO Bob Rusbuldt, …
The Main Street America Group announced that Steve Berry has joined the super regional property/casualty insurance carrier as president of its New England Region. Berry, who has background leading property/casualty sales operations in the New England marketplace, will report to …
Customer loyalty, in insurance and elsewhere, is an oxymoron. Buyers shift allegiances faster than a [reader: fill in your own metaphor]. Still, even in these increasingly cutthroat times, most property/casualty agencies hold on to 80 percent or more of their …
Liberty Mutual, Ohio Casualty Boston-based Liberty Mutual Group has agreed to buy Ohio Casualty Corp. of Fairfield, Ohio, in a transaction valued at approximately $2.7 billion. Liberty Mutual will acquire all outstanding shares of common stock of Ohio Casualty for …
