Money managers down $5 billion: Big losses for insurance shareholders; Marsh & McLennan, AIG and Aon still look good to value managers despite it all.(News)

Pensions & Investments, November, 2004 by Calio, Vince

Byline: Vince Calio Money managers have lost at least $5 billion in their stock portfolios since three insurers landed in Eliot Spitzer's hot seat. Despite the losses, some value managers are bullish on insurance stocks. Mr. Spitzer, New York's attorney general, announced Oct. 14 that he was bringing civil charges of bid rigging against Marsh & McLennan Cos.

Inc. and American International Group. Eleven days later, he said he also uncovered wrongdoing at Aon Corp., but no civil charges have been brought against the firm as of late last week. Mr. Spitzer accused each firm of allowing its brokers to present property and casualty insurance bids to its customers in order to divvy up the market and fix prices. The top institutional shareholders of the...

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