Business Services Industry
Client steering found at Marsh's U.K. unit; Probe sees pressure but no bid rigging.(News)
Business Insurance, December, 2004 by MILLER, PETA
Byline: PETA MILLER and SARAH VEYSEY LONDON-Brokers at Marsh Ltd. on occasion steered clients to insurers that paid the highest contingent compensation, according to an investigation commissioned by the brokerage. But the investigation did not uncover any evidence of bid rigging at the London-based unit of Marsh & McLennan Cos.
Inc. London-based law firm Freshfields Bruckhaus Deringer reported last week that it found "a number of specific examples of brokers being encouraged to use or not to use a particular underwriter'' because of the existence of what Marsh termed "market service agreements.'' And despite efforts to ensure that there was no incentive to place business with a particular insurer because of an MSA, Marsh Ltd. did not have an effective...
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