What’s new: In brief (November 17, 2004)

U.S. brokers quickly spoke out against the testimony of New York Attorney General Eliot Spitzer to a Senate subcommittee looking at compensation issues Tuesday. Council of Insurance Agents and Brokers (CIAB) president Ken Crerar says, “we categorically challenge assertions that fraud, bid rigging and kickbacks are commonplace in the insurance brokerage industry. It is wrong to translate a handful of isolated charges into an indictment of an entire industry.” Crerar also praised the work of the National Association of Insurance Commissioners (NAIC) on a draft model regulation on commission disclosure. “We look forward to working with the NAIC to develop a logical and reasonable compensation regulation that can be applied uniformly from state to state.”

Hub is moving forward with its rebranding campaign, announcing that Massachusetts-based C.J. McCarthy Insurance Agency will now be “HUB International New England, LLC”. At the same time, New York-based Kaye Insurance Associates will become HUB International Northeast. Announcements are expected soon about the rebranding of Canadian operations as follows: Martin Assurance & Gestion de Risques will change to HUB International Quebec; HUB Group (Ontario) will change to HUB International Ontario; and Barton Insurance Brokers will change to HUB International Barton. The company’s wholesale operations will keep their own names.

The Ontario chapter of the Risk and Insurance Management Society (ORIMS) is encouraging everyone to rock, roll and raise funds for a worthy cause at the first Marsh United Way Fund Raiser, Thursday, November 25, at Afterlife Night Club in Toronto. This event mirrors the always popular “Sedgwick Pub Night” held each year at the RIMS Canada Conference. Tickets, at $10 each, are selling fast. To reserve a spot, contact Stephanie Lo at 416-868-2667 or email: stephanie.lo@marsh.com.