I’m not understanding this – it sounds like large scale rebating, price fixing and racketeering and, if it is, Gallagher and Chubb got off with an extremely light penalty “and established a trust fund for WGA to subsidize Chubb’s premiums when other companies had lower prices.” I’ve always heard that the MA insurance dept is tough to deal with but this makes them look like cup cakes.
WGA’s mgmt definitely dodged a bullet on this one. Local brokers have always felt that they were in bed with Chubb. This just confirms it. Seems to me someone should have gone to jail over this.
Find some of the earlier articles outlining their price fixing….it’s unbelieveable!!
I’m not understanding this – it sounds like large scale rebating, price fixing and racketeering and, if it is, Gallagher and Chubb got off with an extremely light penalty “and established a trust fund for WGA to subsidize Chubb’s premiums when other companies had lower prices.” I’ve always heard that the MA insurance dept is tough to deal with but this makes them look like cup cakes.
WGA’s mgmt definitely dodged a bullet on this one. Local brokers have always felt that they were in bed with Chubb. This just confirms it. Seems to me someone should have gone to jail over this.
Find some of the earlier articles outlining their price fixing….it’s unbelieveable!!