Operations
Broker Arthur J. Gallagher says it has set aside US$35 million to resolve current state investigations into insurance practices.The company made the announcement as part of its first-quarter 2005 results release. In that release, the company states: “The insurance industry in general, and Gallagher individually, continue to be the subjects of a substantial number of […]
By Canadian Underwriter | April 27, 2005
1 min read
National adjusting firm Shumka Craig & Moore says it has acquired Provincial Adjusting Services (PAS), a chain of six offices in Newfoundland and Labrador.PAS has been in operation since 1984, and current president Wayne Guy will remain to oversee the business as provincial manager. Also, principals Barry Bugden and Anthony Elliott will remain in leadership […]
By Canadian Underwriter | April 21, 2005
The insurance industry should take recent controversy over broker compensation and use it as an opportunity for “healthy self-examination”, Willis Group CEO and chairman Joe Plumeri told an audience at the RIMS Conference in Philadelphia Monday.Plumeri says the industry needs to develop a new business model based on transparency, innovation, and client advocacy. Willis was […]
By Canadian Underwriter | April 18, 2005
Broker Willis Group Holdings says it has reached agreements with attorneys general in New York and Minnesota which will see the company create settlement funds valued at US$51 million.In its settlement with New York Attorney General Eliot Spitzer, Willis will set up a US$50 million fund to settle with clients affected by contingent commission practices, […]
By Canadian Underwriter | April 10, 2005
A new survey by A.M. Best finds the current controversy over broker compensation systems is forcing all brokers and agents to do more work, specifically in providing information, answering questions and filling out paperwork.The survey, published by Best’s Review magazine, finds client expectations have risen in the current environment, including agents and brokers being asked […]
By Canadian Underwriter | March 22, 2005
Upon hearing that Minnesota Attorney General Michael Hatch filed a lawsuit against Willis on Tuesday, the brokerage issued a statement saying the allegations that it has not provided all the information requested by Hatch "came as a complete surprise".Willis says it has been providing information to Hatch’s office since last December as part of the […]
By Canadian Underwriter | March 8, 2005
2 min read
Florida is the second state this week to introduce legislation to prioritize asbestos and silica lawsuits. Republican representative Joe Pickens has put forward House Bill 1019 which would require claimants to meet specific medical criteria in order to have their claims move forward. The bill is intended to give priority to those actually suffering illness […]
By Canadian Underwriter | February 24, 2005
Insurers have some reason for “cautious optimism” when it comes to silica claims, according to a new report by reinsurance broker Guy Carpenter.The report, which is a follow-up on a fall, 2004 study, notes two recent developments which auger well for insurers. First, in the case of Gomez v. Humble, Gomez had been awarded US$2 […]
By Canadian Underwriter | February 22, 2005
One Marsh and two AIG executives offered guilty pleas today in New York Supreme Court in the ongoing investigation into insurance industry practices spurred by New York Attorney General Eliot Spitzer.The guilty pleas stem from criminal charges of fraud and bid-rigging, with Spitzer’s office saying all three were involved in “a scheme that allowed Marsh… […]
By Canadian Underwriter | February 15, 2005
Marsh & McLennan Cos. Inc. has settled the civil charges filed by New York Attorney General Eliot Spitzer for US$850 million. The charges were filed in October, 2004, alleging misconduct at MMC’s insurance brokerage unit, Marsh Inc., in the U.S. Spitzer’s suit alleged the company had engaged in bid-rigging, but also charged that conflict of […]
By Canadian Underwriter | January 31, 2005
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