Segment
Brokers
Marsh & McLenan Cos settles antitrust violation
August 16, 2005 by Canadian UnderwriterMarsh & McLennan Cos. Inc. (MMC) recently came to a settlement with the District of Columbia Attorney General Robert J. Spagnoletti regarding investigations into potential antitrust violation.These antitrust investigation, looked into whether Marsh had been part of the bid-rigging scandals.Under…
Former Marsh executive under investigation
August 15, 2005 by Canadian UnderwriterAnother former Marsh Inc. executive, William Gilman, is being investigated regarding his role in the Company’s bid-rigging scandal, according to the Wall Street Journal.Former managing and executive director of marketing at Marsh’s Global Broking unit, Gilman is currently being investigated…
More guilty pleas added to Spitzer’s roster
August 4, 2005 by Canadian UnderwriterFour more guilty pleas have recently been added to the roster of charges relating to the Spitzer’s bid rigging investigations.The most recent please come from three former Marsh & McLennan brokers. In addition, a former Zurich Financial underwriter divulged his…
Marsh & McLennan profits drop
August 3, 2005 by Canadian UnderwriterMarsh & McLennan Companies Inc. earnings have recently been lowered in its insurance services and investment management divisions. In addition, the Company’s restructuring charges have reduced the second-quarter profit to 57%.In the April to June period, the Company’s net income…
RBC sidesteps legislation, opens insurance office
July 12, 2005 by Canadian UnderwriterThe Royal Bank’s RBC Insurance subsidiary recently opened its first retail office evading the federal Bank Act’s ban on the sale of insurance at bank branches.The new office is located in Scarborough, ON and is located directly beside a Royal…
Brokerage clients told to stave signing agreement
July 4, 2005 by Canadian UnderwriterMarsh & McLennan Cos. Inc. clients were recently advised by Massachusetts Attorney General Thomas F. Reilly to wait until they accept restitution from the Marsh & McLennan in accordance with its $850 million settlement with New York Attorney General Eliot…
Former insurance broker fined for fraud
June 17, 2005 by Canadian UnderwriterToronto Police – 54 Division – recently arrested a former insurance broker for fraud investigations.Panayiotis (Peter) Bariamis, 57, of Toronto, is charged withfraud over $5,000, forgery and 16 counts of uttering forged documents.The police alleged that approximately 400 people were…
What’s New: In brief (June 13, 2005)
June 13, 2005 by Canadian UnderwriterOneBeacon Insurance Group, a unit within the White Mountains Insurance Group Ltd., has been subpoenaed by Connecticut officials investigating the industry for collusion with insurance brokers. OneBeacon received a subpoena from Attorney General Richard Blumenthal seeking information on conduct with…
Macdonald Chisholm, L.G. Trask acquisition to become one of Canada’s largest brokerages
May 31, 2005 by Canadian UnderwriterMacdonald Chisholm, a Nova Scotia insurance broker, recently acquired L.G. Trask Insurance Limited of Yarmouth. This acquisition reflects the commencement of one of the largest insurance brokerages in the Atlantic Provinces.“By combining the two organizations,” Mike Brien, president and CEO…
Agents and brokers want insurers to provide fast service with a human touch
May 30, 2005 by Canadian UnderwriterElectronic links and tool upgrades are increasingly important to agents and brokers who view fast turnaround on submissions and speedy quotes and claims services as prime services provided by an insurer, according to a recent survey conducted by A.M. Best.…
Robert Lockhart resigns from Hilb Rogal
May 29, 2005 by Canadian UnderwriterIn response to recent scandals surrounding the procurement of improper payments to steer accounts to insurers, the former president and chief operating officer of Hilb Rogal & Hobbs Robert Lockhart has resigned. Hilb Rogal, the seventh-largest U.S. insurance broker, dropped…
Alpine acquires Calgary-based brokerage
May 26, 2005 by Canadian UnderwriterRegional broker network consolidator Alpine Insurance & Financial Inc. has acquired Benefit Insurance Ltd., a Calgary-based brokerage. The terms of the deal have not been disclosed.Benefit Insurance will become the fifth branch-office of the Alpine network, and serve as the…