US regulators act on disclosure
14 December 2004
US insurance commissioners have their hearts set on introducing new disclosure rules for brokers. It’s possible the new rules may be introduced before the end of the year…
International
Stable outlook for US reinsurance
14 December 2004
The US reinsurance market is finally stabilising due to four years of improved pricing and conditions, according to Standard & Poor’s…
Aon’s Ryan relaxed and comfortable with broker probe
07 December 2004
Aon Corporation Chairman and CEO Patrick Ryan says he is comfortable with the company’s past behaviour and is not fazed by industry probes into hidden commissions…
Marsh wraps up internal probe
07 December 2004
Marsh in the US will wrap up its internal business practices inquiry by early January and has now set aside more than $232 million to settle bid-rigging claims…
Spitzer still digging
07 December 2004
Third-party claims administrator Gallagher Bassett Services has been subpoenaed by New York Attorney-General Eliot Spitzer…
Marsh & McLennan takes the axe to its broking arm
16 November 2004
Troubled broker Marsh & McLennan is laying off 3000 employees in the US in a cost-cutting move after investigations into the company by New York Attorney-General Eliot Spitzer…
Disguised loans probed
16 November 2004
Remember financial reinsurance, that innocuous-sounding instrument which landed former FAI MD and HIH director Rodney Adler, a swag of local reinsurers…
Spitzer fallout continues
09 November 2004
Fallout from the investigation by New York Attorney-General Eliot Spitzer (pictured) continues, with most leading brokers now having renounced…
Conflicted commissions
09 November 2004
About two-thirds of UK risk managers believe contingent commissions create a conflict of interest for brokers…
Swift action by Marsh avoids Spitzer lawsuit
02 November 2004
Marsh & McLennan in the US, parent of beleaguered global broker Marsh, has acted swiftly and effectively to counter the contingent commissions crisis…
Willis creates China foothold
02 November 2004
Willis plans to expand into China by taking full ownership of Shanghai Pudong Insurance Brokers, once China ends curbs on foreign investment in the insurance industry in 2006…
Greenberg quits as Marsh crisis spreads
26 October 2004
Marsh & McLennan CEO Jeffrey Greenberg resigned today as the contingent commissions crisis at Marsh continues…
Aon and Willis end contingent commissions
26 October 2004
Watching from Chicago as its arch-rival Marsh takes a caning from the New York Attorney-General, the media and investors, No 2 broker Aon has moved quickly to ban…
But wait, there’s more…
26 October 2004
The investigation into brokers’ contingent commissions involves payments from insurers to brokers in return for steering business their way…
Ratings agencies downgrade Marsh
26 October 2004
Three rating agencies have downgraded Marsh Inc parent company Marsh & McLennan this week following Mr Spitzer’s allegations and a sharp downturn in the group’s share price…
Marsh in crisis over contingent commissions
19 October 2004
No 1 global insurer Marsh may lose millions of dollars in fines and many more millions in lost market capitalisation after New York Attorney-General Eliot Spitzer launched a lawsuit…
Japan’s typhoon blowout
12 October 2004
The eighth typhoon of the season battered Tokyo on the weekend, killing five and leaving a trail of destruction in its wake…
US asbestos compo: light at the end of the tunnel
12 October 2004
There is a glimmer of hope that a fund will be set up in the US by the end of the year to compensate asbestos victims…
Allianz Canada goes to ING
12 October 2004
Allianz has sold its Canadian property and casualty insurance operations to ING Canada…
Breathing life into London
12 October 2004
A broking and underwriting agency called Oxygen has been set up in London aimed at poaching ambitious broking teams from other London companies…