The CEOs of the three biggest insurance brokerages talk about what the business will look like post-Spitzer
By Russ Banham|July 05, 2005 at 08:00 PM
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Guilty pleas by Marsh Inc. executives in a bid-rigging scheme tarnished the insurance brokerage industry’s reputation and, for a while, even raised fears of an Arthur Andersen-type implosion. As the dust settled, Marsh & McLennan Cos. brought in a squeaky clean former prosecutor as CEO and all three of the largest brokers–Marsh, Aon Inc. and Willis Group Holdings Ltd.–renounced the practice of accepting contingent commissions from insurers. (To prove remorse, the group coughed up a $1 billion settlement to New York State Attorney General Eliot Spitzer.) Now, brokers must restore the client trust they squandered.
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