AIG's Greenberg Expects More Transparency, Not Material Impact from Brokerage Charges
National News • October 15, 2004
AIG Chairman Maurice Greenberg today said he does not think the charges brought by New York Attorney General Eliot Spitzer against giant insurance broker Marsh McLennan will hurt his company's ...
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Subject: There is a Right Way & a Wrong Way!
Posted On: October 15, 2004, 2:42 pm CDT
Posted By: Gerry Carter
Comment:
Back in the 80's at Cigna P&C (Pre ACE), we had contingency agreements with M&M. In exchange for extra commission or profit sharing we provided M&M's clients with the best price and coverage available in the industry. Far different situation today. Today the consumer, as a result of these agreements, are not getting the best price and coverage. They are being placed by M&M in companies to allow M&M to maximize their profits; and to allow AIG and ACE to write business at inflated prices with less coverage. The consumer entrusted M&M to place them in programs with the best company available. Instead they are being ripped off. I say go get them Spitzer.
Subject: There is a Right Way & a Wrong Way!