Word: mclennan
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...INDICATORS Take Cover New York State attorney general Eliot Spitzer sued San Diego-based insurance broker Universal Life Resources, claiming it steered business to insurers in exchange for improper payoffs that pumped up the cost of individuals' premiums. Fallout from a similar claim filed last month against Marsh & McLennan pushed the U.S. broker to cut 5% of its workforce after third-quarter profits plunged...
Eliot Spitzer received an anonymous letter last March that made for intriguing reading. The message suggested that the New York attorney general poke around Marsh & McLennan, the U.S.'s largest insurance broker and a firm Spitzer had tangled with in earlier financial- industry investigations. This time Spitzer asked Marsh about its practice of receiving "contingent commissions" from insurance companies, a controversial type of payment. That's when things started to get nasty. Spitzer says the more he probed, the more Marsh misled and "fed us the same foolishness they've been feeding the public over the years." He felt that...
...America's biggest companies. Now Spitzer is taking on the insurance industry, and European firms are affected. Spitzer's first target was New York City-based insurance broker Marsh & McLennan, which he accused of misusing "contingent commissions," the fees paid by an insurance company to a broker for steering business its way. Marsh says it has been cooperating with Spitzer's investigation since the spring and has stopped taking the controversial payments. But last week it became clear that Spitzer's net had snared U.S. branches of Netherlands-based ING Group, British broker Benfield Group and Germany's Munich...
...Broken promises? New York State Attorney General Eliot Spitzer sued U.S. insurance broker Marsh & McLennan Companies, alleging it directed unsuspecting clients to insurers in exchange for lucrative payoffs...
...hard,” “enjoy New York” and “take time for nature...whether it be camping in the Adirondacks...strolling Shore Road in Brooklyn...gardening in the Brooklyn Botanical Gardens,” according to a tribute posted on the Marsh & McLennan website...