Latest New York Headlines
All the headlines from our New York Topic Page, ordered by recency.
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...
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...
