Latest New York Headlines
All the headlines from our New York Topic Page, ordered by recency.
Spitzer Sues Universal Life Resources over Broker Pay
Nov 15 2004 // A California-based company that brokers life, accident and disability policies for leading U.S. companies pocketed millions of dollars a year in hidden payments from insurers and from charges on clients’ unsuspecting...
Collins Adds Poeton to N.Y. Office
Nov 11 2004 // John B. Collins Associates Inc., a reinsurance intermediary, announced that Tim Poeton has joined the firm as a vice president in their New York office. In his new role, Poeton will be responsible for establishing new...
The Hartford Releases Pair of Employees From Los Angeles Office as New York AG’s Investigation Continues
Nov 11 2004 // As the investigation into alleged bid-rigging in the insurance industry goes on, The Hartford announced on Thursday that a pair of its employees have been dismissed after the company concluded that they were not fully...
Fla. Investigation: Brown & Brown Says It Carefully Monitors Brokers
Nov 10 2004 // Brown & Brown Inc. is confident that twin investigations of the insurance industry by Florida officials will reveal no wrongdoing by the Daytona Beach-based company or its brokers, its president says. Jim Henderson,...
N.Y. Cracks Alleged Auto Salvage Fraud Ring
Nov 10 2004 // New York officials are hailing the arrest of 24 individuals alleged to have been involved in an auto insurance fraud operation they say has ties to organized crime. New York City Police Commissioner Raymond W. Kelly, Kings...
Insurance Paid $20 Billion, More Than Half of Total Compensation to 9/11 Victims, Rand Study Finds
Nov 9 2004 // Victims of the Sept. 11, 2001 terrorist attacks — both individuals killed or seriously injured and individuals and businesses impacted by the strikes — have received at least $38.1 billion in compensation, with...
Marsh to Lay Off 3,000 in Cost-Cutting Move
Nov 9 2004 // Marsh & McLennan Companies Inc. (MMC) today revealed it would lay off about 3,000 employees to reduce annual expenses by $400 million. About three-quarters of the layoffs will occur in the insurance and risk...
NAIC Conference Call Places State Insurance Investigations on Hold
Nov 8 2004 // State insurance commissioners in the southeast and across the United States consulted in a conference call the week after New York Attorney Gen-eral Eliot Spitzer made allegations of rigged bids and price-fixing among...
Agents Watching Spitzer Broker Fraud Charges Closely
Nov 8 2004 // New York Attorney General Eliot Spitzer’s filing on Oct. 14 of charges against giant insurance broker Marsh for alleged commercial account steering and bid rigging has already had significant impact on Marsh and is...
Industry in the Bull’s Eye
Nov 8 2004 // In the days after New York Attorney General Eliot Spitzer filed a civil lawsuit against insurance broker Marsh & McLennan Companies Inc. for alleged commercial account steering and bid rigging, the insurance industry...
People & Places
Nov 8 2004 // Roger Schmelzer 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...
Fla. AG Launches Widespread Anti-Trust Probe, 10 Subpoenas Issued
Nov 6 2004 // Florida Attorney General Charlie Crist has issued subpoenas seeking documents and records from 10 firms and anticipates sending six more subpoenas out next week as insurance industry investigations widen. Crist is...
Lorillard Wins N.Y. Cigarette Suit
Nov 1 2004 // Tobacco company Lorillard says it has won an individual smoker trial with claims related to the asbestos in the original Kent filter and claims related to tobacco use. In a unanimous verdict, a Manhattan state court jury...
XL Capital Acknowledges Subpoena from N.Y.
Oct 29 2004 // XL Capital Ltd (NYSE:XL) in Hamilton, Bermuda said that its subsidiary, X.L. America Inc., received a subpoena from the New York Attorney general Eliot Spitzer in connection with an ongoing, industry-wide investigation of...
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...
