Editor's comment: The spectre of Spitzer returns
In 2004, the US insurance broking industry came under attack as then New York Attorney General Eliot Spitzer declared war — with allegations of kickbacks, rigged bids for insurance contracts and opaque practices, including contingent commissions.
Jeffrey Greenberg, chief executive of broker Marsh & McLennan, was forced out, his father Hank Greenberg quit as AIG chief executive after being cited in a law suit and Marsh eventually settled
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Broker
Green Insurer CEO wants brokers to follow its path to carbon neutrality
Environmentally friendly motor broker The Green Insurer has achieved a carbon neutral certification through Carbon Neutral Britain.
Government to consult on leasehold commission ban
In a written statement published yesterday, the Minister of State for Housing, Communities and Local Government has said the government “will go out to consultation very shortly on the detail of the Act’s ban on buildings insurance remuneration”.
Ex-BGL CEO Thompson joins Open GI as chair
Former BGL Insurance CEO Peter Thompson has joined Open GI as the organisation’s chair.
Diary of an Insurer: Clear’s Claire Thompson
Claire Thompson, senior corporate account handler and hybrid account executive in the broking and sales team at Clear Doncaster, walks her Springer Spaniel, tackles CrossFit plus prepares for being a full-time account executive.
Big Interview: Clarissa Franks, Lockton
Clarissa Franks, head of UK retail for Lockton, speaks to Scott McGee about her first year at the broker, the joy of not being “tied up in numbers and margin”, and shares how her team is “doubling down” to achieve growth.
FCA bans and fines broker £1.1m for misusing funds
The Financial Conduct Authority has banned Leigh Mackey from working in financial services and fined him £1.1m for misleading the FCA and misusing funds due to insurers.
Jensten names group CEO as Hardie steps down
Alistair Hardie is stepping own as group CEO of Jensten, as he looks to pursue a number of non-executive opportunities elsewhere.
Convex’s Brand urges rivals to stop moaning about brokers’ profits
Paul Brand, CEO of Convex, has told carriers to focus on harnessing technology to drive down their own operational expenses rather than wishing brokers would charge less.