Friday, October 15, 2004

More on the Spitzer probe

Insurance Journal's website has several articles related to the breaking Spitzer Marsh lawsuit story.

AIG Chairman Maurice Greenberg today said he does not think the charges brought by New York Attorney General Eliot Spitzer against giant insurance broker Marsh McLennan will hurt his company's business but that they could lead to more disclosure and even changes in the way brokers are paid.

Marsh & McLennan Companies announced today that its risk and insurance services subsidiary will immediately suspend its practice of market services agreements (MSA) with insurance carriers.

Maurice "Hank" Greenberg, chairman and chief executive of American International Group, said Friday the firm will likely stop paying fees that are at the center of a growing scandal in the insurance industry.

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