Latest New York Headlines
All the headlines from our New York Topic Page, ordered by recency.
N.Y. Equity Firm Buys Insurance Auto Auctions
Feb 24 2005 // Insurance Auto Auctions, Inc. in Westchester, Ill. has signed an agreement to be acquired by affiliates of Kelso & Company, a New York based private equity investment firm. The aggregate value of the merger...
N.Y. Court Rules ‘No Pay, No Protection’ from Suits Under Workers’ Comp Law for Scofflaw Employers
Feb 24 2005 // New York State’s highest court has ruled that employers that fail to purchase workers compensation coverage cannot hide behind the workers’ compensation protection against being sued by employees. In reversing...
Another Marsh Exec Pleads Guilty to Bid Rigging in Spitzer Probe
Feb 24 2005 // New York Attorney General Eliot Spitzer said today that a former senior executive of Marsh, Inc. has pleaded guilty to criminal charges in connection with an ongoing investigation of fraud and bid rigging in the insurance...
Aon in Settlement Talks with N.Y., Conn. and Ill. Attorneys General
Feb 22 2005 // Giant insurance broker Aon is in talks with the attorneys general of Connecticut, New York and Illinois that could potentially lead to settlement of charges related to improper compensation and account placement...
Marsh & McLennan Faces Off with Insurance Journal Readers
Feb 21 2005 // The street has become a superhighway, far removed from the clubby atmosphere of Los Angeles’ Wilshire Blvd. or New York’s Pine Street. Anybody can now comment on the latest industry happenings over the...
WORKERS COMP FUND BROKE:
Feb 21 2005 // The fund that pays New York injured workers whose workers’ compensation carriers have gone belly up is itself nearly bankrupt, according to state officials. The New York Workers Compensation Security Fund has about...
OFFICIALS VOW CAUTION ON DISCLOSURE:
Feb 21 2005 // New York Acting Superintendent of Insurance Howard Mills and Sen. James Seward (R-Oneonta), chairman of the Senate Insurance Committee, told the Independent Insurance Agents & Brokers of New York Inc. that they would...
CITY TO APPEAL GAY MARRIAGE:
Feb 21 2005 // New York City will appeal a judge’s ruling against the state ban on same-sex marriages, Mayor Michael Bloomberg said. The mayor said that while he believes such marriages should be permitted, he wants the issue to be...
People & Places
Feb 21 2005 // Michael Miller The St. Paul Travelers Companies Inc., headquartered in Saint Paul, Minn., promoted Michael Miller andBrian MacLean to the newly created positions of chief operating officers. Miller is responsible for the...
Checking in with ELANY’s Dan Maher
Feb 21 2005 // Back to Earth and Up to Albany for N.Y.’s Excess & Surplus Marketplace After setting records in 2004, the excess and surplus market in New York is expected to calm down this year, as the tremors from the Sept....
N.Y. Weighed Contingent Fee Issue Years Before Spitzer Investigation
Feb 21 2005 // While it did not begin boiling over until last October when charges were brought against Marsh, the controversy over brokerage contingent fees has actually been simmering for more than a half dozen years in New York...
Washington All Industry Day: Associations Discuss Broker Disclosure
Feb 21 2005 // Broker disclosure, medical malpractice reform and credit scoring dominated the discussions at the Washington All Insurance Industry Day at the Capital held Feb. 10. Over 170 independent agents gathered to learn about...
N.Y. Workers Comp Insolvency Fund Could Survive Until End of March; Quick Action in Albany Sought
Feb 18 2005 // The New York State Workers Compensation Security Fund, which officials last month predicted would run out of money by the end of this month, could go on paying claims until the end of March, thanks to early access to funds...
PCI: New York’s Guaranty Funds Need Both Short and Long-Term Reform
Feb 16 2005 // Shifting funds from one New York guaranty fund to prop up the state’s floundering Workers’ Compensation Security Fund will reportedly only jeopardize the solvency of the Property/Casualty Security Fund and...
AIG, Marsh Execs Plead Guilty in Spitzer Probe, Bringing Total Pleas to 9; AIG Offers Response
Feb 15 2005 // New York Attorney General Eliot Spitzer said Tuesday that a senior executive at Marsh and two AIG employees have pleaded guilty to criminal charges in connection with an ongoing investigation of fraud and bid rigging in...
New York AG’s, SEC Subpoenas Target AIG ‘Non-Traditional’ Insurance
Feb 14 2005 // American International Group, Inc. acknowledged that it has received subpoenas from New York Attorney General Eliot Spitzer and the Securities and Exchange Commission “relating to investigations of non-traditional...
Travelers Cuts N.Y. Auto Rates
Feb 11 2005 // New Yorkers who insure their private passenger automobile through Travelers will see on average a 5.5 percent rate reduction in 2005, resulting in a cumulative savings of almost $33 million, accordign to the New York State...
Beecher Carlson Holdings Appoints Two New York Managing Directors
Feb 11 2005 // Jeffrey Lattmann and John Kerns have been named managing directors of Beecher Carlson Holdings Inc.’s New York office. Lattmann will also be a senior partner of the newly formed Executive Liability...
Donovan Joins HCC Sub in New York
Feb 10 2005 // HCC Insurance Holdings Inc. announced that James Donovan has joined its underwriting agency subsidiary Professional Indemnity Agency (PIA), based in Mount Kisco, New York. Donovan will be senior vice president responsible...
N.Y. Workers Comp Security Fund Almost Out of Money
Feb 8 2005 // The fund that pays New York injured workers whose workers’ compensation carriers have gone belly up is itself nearly bankrupt, according to state officials. The New York Workers Compensation Security Fund has about...
