St. Paul Travelers Settles
It was announced last month that the St. Paul Travelers Cos. Inc. has settled with the attorneys general of the states of Illinois, Connecticut and New York, as well as the New York State Department of Insurance, for $77 million. The settlement is a result of the states' investigations into the insurance industry's broker compensation, finite reinsurance products and insurance placement. St. Paul Travelers did not publicly admit to violating federal or state law in the settlement.
Willis Turns on Energy Business
The global broker Willis Group Holdings Ltd. has announced that it has formed a worldwide, multidisciplinary business unit that will serve the energy industry, called Willis Energy. The business taps into the broker's teams in hub cities Houston, Calgary, London and New York, as well as the Willis retail network. Willis Energy is the broker of some of the largest oil groups and many large and complex energy projects in the world.
McIntyre in Middle East
The McIntyre Group, a full-service insurance brokering and consulting firm for large accounts, has announced that it has opened operations in the Middle East. The new office will support a leading logistics company that specializes in end-to-end supply-chain solutions. McIntyre will provide risk management oversight, as well as place insurance, in the Middle East region and around the world.
Aon Quitting P/C
Aon Corp. has announced that it plans to no longer underwrite property/casualty. It will sell off its warranty and some specialty assets, according to management at the global brokering house, and will put the reminder of its assets in runoff. Aon will then be left to focus on its combined insurance, health, life and accident insurance. This announcement came at the analysts' conference call on Aon's second-quarter results. The company's combined insurance of life, health and accident pulled in revenue of $499 million, an increase of 11 percent from the same quarter in 2005. Aon's P/c underwriting business made $57 million in revenue, a decrease of 7 percent.
September 15, 2006
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