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October 2004/1

  • The New York attorney-general’s extraordinary allegations of bid-rigging at Marsh - and some of the world’s largest P&C insurance companies - have stunned the industry.
  • Marsh Global Broking - the division responsible for agreeing Placement Service Agreements (PSAs) with insurers - was conceived with the best of intentions; all the more ironic, then, that it has become demonised as a peddler of kickbacks and bid-rigs by t
  • The New York attorney-general’s extraordinary allegations of bid-rigging at Marsh - and some of the world’s largest P&C insurance companies - have stunned the industry.
  • In our regular monthly News Digest, we round up key stories from the last month, presenting them in easily digestable snippets. The major events of the month - including Spitzer’s complaint - are featured elsewhere in the issue
  • In our regular monthly News Digest, we round up key stories from the last month, presenting them in easily digestable snippets. The major events of the month - including Spitzer’s complaint - are featured elsewhere in the issue
  • A diary of events following the Spitzer complaint and the shockwaves it created... Thursday 14 October: Spitzer drops a bomb-shell on the global insurance industry by revealing he is suing Marsh, the world’s largest insurance broker, for price-fixing
  • MMC may be forced to hand $bns earned from PSAs back to its clients Marsh, the world's largest insurance broker, is in major trouble. At time of going to press, New York's attorney-general Eliot Spitzer appears close to achieving one of his first objec
  • After several weeks of indifferent news, troubled Swiss reinsurer Converium received welcome boosts from ratings agencies Standard & Poor's and Fitch, who both upgraded the reinsurer a notch on the strength of its successful $420mn right issue.
  • Chris Fagan, the former chief executive of insurer GoshawK, is behind an attempt from a Japanese private equity house to take the UK listed company private. Fagan was ousted from GoshawK last year following the collapse of its Lloyd's Syndicate 102 la
  • Euclidian, the Berkshire Hathaway backed insurance company, will merge with fellow Lloyd’s agency, Marlborough Underwriting.
  • The following article was run as the leader in the May 2004 issue of The Insurance Insider... As the controversy over PSAs grows - with subpoenas issued to both brokers and insurers - could the actions of US regulators cost MMC and AON more than $1.5bn
  • The opaque, but growing, practice of brokers charging payments from insurers to place business with them has been attacked by an influential US think tank as “potentially damaging”. The Washington Legal Foundation (WLF) urged senior industry regulators
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