What’s New: In Brief (November 24, 2008)

Marsh & MacLennan Cos. (NYSE: MMC) has filed a shelf registration statement with the U.S. Securities Exchange Commission (SEC) indicating it has set aside 22.6 million common shares worth US$500 million to be used in connection with acquisitions of other businesses.
The stock would not be sold, but would rather be used as stock transactions in any future deals.
“The shares of MMC common stock covered by this prospectus are available for use in connection with acquisitions by us of other businesses, assets or securities in business combination transactions,” the company said in its SEC filing. “The consideration offered by us in such acquisitions, in addition to any shares of common stock offered by this prospectus, may include cash, assets, debt or other securities, or assumption by us of liabilities of the businesses, assets or securities being acquired, or a combination.”
As it stands, the stock registration is not tied to any specific or pending deal, a Marsh spokesperson told A.M. Best Wire.
“There is no acquisition in place,” MMC spokesperson Laura Cora told A.M. Best. “We have no acquisition that we are looking at. But we have said that we would look for acquisition opportunities.”

The Insurance Brokers Association of Ontario (IBAO) is warning insurance customers to watch for fraudulent calls claiming to be from their insurance provider.
In a public statement, the IBAO says policyholders across the province are receiving an increasing number of phone calls from people claiming to be from their insurance company.
The caller typically demands immediate payment of the full term premium or outstanding amount on the client’s policy via a credit card. The caller also threatens to cancel the policy if payment is not received.
Asking for credit card information over the phone is not a standard practice for Ontario’s insurance brokers, said Randy Carroll, IBAO’s CEO. Carroll urges Ontarians to contact their broker is someone suspicious is calling in relation to their insurance policy.
Anyone who thinks they may have been targeted by this fraud is asked to call 1-877-IBC-TIPS.