Business Services Industry
Hurricane losses leave scar on market in 2005; Contingent commission scandals take a back seat to Katrina, Rita and Wilma.(Spotlight: Year in Review--Risk Management)
Business Insurance, January, 2006 by Bradford, Michael
Byline: MICHAEL BRADFORD While the contingent commission scandals may not be completely forgotten by risk managers, they have taken a back seat to a headline-grabbing storm season. As 2005 began, the investigations by New York Attorney General Eliot Spitzer and others into contingent commissions paid by insurers to brokers were still near the top of the news.
Early in the year, Marsh & McLennan Cos. Inc. reached an $850 million settlement with Mr. Spitzer, and other brokers set aside tens of millions of dollars in similar arrangements and pledged to change their business practices. Even with the settlements, though, that story "certainly wasn't put to bed,'' noted Ellen Vinck, vp-risk management and benefits at BAE Systems Ship Repair Inc. in San Diego....
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