Business Services Industry
Race is on to grab new insurance exchange license. (Chicago Board of Trade; Illinois Insurance Exchange)
Crain's Chicago Business, October, 1997 by Fritz, Michael
Mart's woes create opportunity for CBT, insurers The Chicago Board of Trade is considering facing off against the struggling Illinois Insurance Exchange in a winner-take-all competition for licensing rights to start a new, state-chartered insurance mart. Last week, the Chicago Board of Trade's (CBT) executive committee recommended that the mart hire accounting firm Ernst & Young LLP to assess competitors, estimate start-up costs and assemble a business plan for the project, tentatively dubbed Chicago Board Insurance Exchange.
"This is seminal," says CBT Chairman Patrick Arbor. "If it makes sense, we would go into the underlying physical security to augment and build the futures contracts we have." The effort follows the CBT's decision not to participate in the...
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