January 2005/5

Tort reformists in the US have received a boost with the news that the Senate judiciary committee approved a series of changes to state laws governing civil lawsuits in medical malpractice cases last Thursday (27 January).

World’s largest broker Marsh has today (31 January 2005) announced an $850mn settlement with Eliot Spitzer to end the New York attorney general’s probe into so-called contingent commissions and bid rigging.

As exclusively revealed in a special report from The Insurance Insider last Thursday (27 January), Britain’s second largest listed insurance company Prudential plc has replaced its insurance broker Marsh Ltd with its UK rival Aon.

Andrew Wallas, the chairman of London market broker Glencairn Ltd, has left the company, Insider Week can reveal.

Marsh & McLennan’s private equity arm MMC Capital closed its London office on Friday but there is still no announcement on whether the unit will be spun-off.