Marsh agrees to $US850 million settlement
01 February 2005
Marsh & McLennan has agreed to settle the lawsuit brought by New York Attorney-General Eliot Spitzer for $US850 million…
International
UK regulators aim at brokers
01 February 2005
After much controversy, the UK Financial Services Authority has introduced its new regulatory regime covering the general insurance industry…
Doubts greet asbestos bill
01 February 2005
A new US draft asbestos bill – including a proposed $US140 billion trust fund – has had a mixed reaction from industry groups…
Hasta la vista for Arnie reforms?
01 February 2005
Attorneys for injured workers are challenging new amendments to California’s permanent disability compensation law that Governor Arnold Schwarzenegger has forced into law…
Button clicks to beat tricks
01 February 2005
In an attempt to tackle misconduct and breaches of law by insurance companies and brokers, US authorities have introduced an online reporting facility…
Good move for Gallagher
01 February 2005
No 4 US broker Arthur J Gallagher will merge two of its US reinsurance broking subsidiaries…
Royal applies the brakes on lawsuit
01 February 2005
British insurer Royal & SunAlliance is being sued by General Motors to recoup payment for all legal claims arising from asbestos-related lawsuits, along with additional damages…
US premiums drop
01 February 2005
A survey by the Council of Insurance Agents and Brokers in the US shows substantial rate reductions in the commercial property/casualty market for 2004…
Jury gives Silverstein a win over insurers
14 December 2004
Months after losing his first bid to have the attacks of September 11 2001 on the World Trade Centre declared two separate events, leaseholder Larry Silverstein has won…
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…
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…