Latest New York Headlines
All the headlines from our New York Topic Page, ordered by recency.
N.C. Commissioner Demands Certified Statements on Bid Rigging
Oct 28 2004 // Jim Long A “demand to produce information” has been issued by the North Carolina Department of Insurance in an effort to closely scrutinize the records and practices of more than 5,000 insurance companies and...
Fitch Drops Marsh & McLennan’s Senior Debt
Oct 28 2004 // Fitch Ratings has downgraded the senior debt and long-term ratings on Marsh & McLennan Companies Inc. (Marsh) to ‘BBB’ from ‘A-‘. The short-term ratings on Marsh remain at ‘F2’. All...
S&P Announces Reaction to Recent MMC Developments
Oct 27 2004 // Following recent developments at Marsh & McLennan, Standard & Poor’s Ratings Services has issued a bulletin, which sets forth its initial reaction to the changes (See related articles). S&P said its...
Greenberg Out, Cherkasky In, at Marsh; Broker Vows to Unveil ‘Significant Reforms’ Today
Oct 26 2004 // Jeff Greenberg The Marsh & McLennan board of directors announced it has accepted the resignation of chairman and chief executive officer Jeffrey W. Greenberg. Stepping in to immediately replace Greenberg is Michael G....
Agents Watching Spitzer Broker Fraud Charges Closely
Oct 25 2004 // Some worry the probe could move beyond public brokers and large commercial risks. New York Attorney General Eliot Spitzer’s filing on Oct. 14 of charges against giant insurance broker Marsh for alleged commercial...
States Battle Resentment Over Red-Light Safety Cameras
Oct 25 2004 // Maryland Sen. Alex Mooney (R-Frederick) fought a ticket for running a red light last year despite film showing his car blowing through an intersection. A judge accepted proof that a car thief, not Mooney, was behind the...
How Green Is N.Y.’s Hudson Valley’ ‘Very Green,’ Say Insurers
Oct 25 2004 // From West Point to Woodstock and Roosevelt to Rockefeller, New York’s Hudson River Valley is rich in history, events, and natural beauty. This 150-mile territory from Nyack to Albany is also an increasingly vibrant...
PAWTUCKET MUTUAL CANCELS IN N.Y.:
Oct 25 2004 // The New York Supreme Court recently affirmed the position of Rhode Island regulators that decisions on policy cancellations involving a rehabilitating insurer must be handled within their state rehabilitation court and not...
N.Y. Attorney General Spitzer Sues Marsh Over Contingent Commissions
Oct 25 2004 // New York Attorney General Eliot Spitzer on Oct. 14 sued Marsh & McLennan Companies, the nation’s biggest insurance brokerage firm, alleging that it steered clients to insurers with whom it had lucrative...
People and Places
Oct 25 2004 // Terry Adams The new national officers of the National Association of Professional Insurance Agents were installed during the group’s recent board of directors meeting held in Orlando, Fla. Terry Adams of Ashland,...
Insurer Sues Lenny Kravtiz in N.Y. Over Water Damage
Oct 24 2004 // An insurance company has sued rocker Lenny Kravitz, saying it had to pay for more than $300,000 worth of water damage in a neighbor’s apartment after one of Kravitz’s toilets overflowed two months ago. Amica...
Insurance Scandal Touches S.C.
Oct 23 2004 // An unfolding scandal involving some of the biggest names in the insurance industry has claimed one victim in South Carolina, and there could be others. A high-profile civil suit spearheaded by the New York Attorney...
Greater New York Open for Business in Maryland
Oct 22 2004 // Maryland Insurance Commissioner Alfred W. Redmer has welcomed the Greater New York (GNY) Insurance Companies to the Maryland. Warren W. Heck, GNY’s chairman and chief exexcutive fofficer announced the companies...
PIA Western Alliance Releases Statement on New York Insurance Scandal
Oct 22 2004 // Like most insurance associations, the PIA Western Alliance—consisting of four affiliate chapters covering eight western states—is in shock over the news of a lawsuit filed against the nation’s largest insurance...
S&P Puts Willis on CreditWatch-Negative
Oct 22 2004 // Standard & Poor’s Ratings Services announced that it has placed its “BBB-” counterparty credit rating on Willis Group Holdings Inc. on CreditWatch with negative implications. The decision follows...
Insurers: N.Y. Coastal Property Market Restored
Oct 22 2004 // While affordability is still an issue, insurance coverage is now widely available in coastal areas of New York, according to the New York Insurance Association (NYIA). Addressing a public hearing before the New York State...
TDI Issues Statement on N.Y. Attorney General Probe
Oct 22 2004 // The Texas Department of Insurance released the following statement regarding the investigation by the attorney general of New York into the business practices of certain brokers and insurers: “The Texas Department of...
Marsh Called to N.Y. Department Hearing Nov. 23
Oct 22 2004 // New York Superintendent of Insurance Gregory V. Serio announced that his department has issued citations to Marsh & McLennan Companies, Inc. (MMC), Marsh, Inc., and Marsh Global Broking, wholly owned subsidiaries of...
Marsh Pegs Contingency Payments at Center of Probe at $1.2 Billion in Past 18 Months
Oct 21 2004 // The company at the center of a probe into insurance brokerage fees says it took in more than $1.2 billion in incentive payments over the past 18 months and that its decision to stop using such fees will reduce operating...
S&P Drops Ratings on Marsh & McLennan Cos., Aon
Oct 21 2004 // Standard & Poor’s Rating Services has lowered its counterparty credit rating on Marsh & McLennan Cos. (MMC) to ‘BBB+/A-2’ from ‘A+/A-1’. The rating remains on CreditWatch with...
