AON TO PAY $190 MILLION SETTLEMENT
In a settlement with New York Attorney General Eliot Spitzer and officials in Connecticut and Illinois, Aon Corp. agreed to pay $190 million over a 30-month period, as restitution to policyholders. The agreement will settle charges that the company engaged in fraud and anti-competitive practices involving client steering and tying retail placements to reinsurance placement agreements.
REBUILDING EFFORT SEEKS SUPPORT
The captives industry is funding a rebuilding effort in the Cayman Islands.CRICO, the Harvard Medical Institutions Captive, and the Insurance Managers Association of the Cayman Islands have established a fund to aid in the rebuilding effort since Hurricane Ivan devastated the islands in September 2004.Initial efforts are focused on purchasing an ambulance and funding other needs for the Cayman Islands Cancer Society and The Pines Nursing Home.
METLIFE ACQUIRES CITIGROUP BUSINESS
MetLife has reached an agreement with Citigroup to purchase Citigroup's Travelers Life and Annuity Co. and Citi International Holdings for $11.5 billion. The deal adds $96 billion in total assets and $5.2 billion in total revenue to MetLife's operations, turning MetLife into the largest life insurance company in the United States.
NORTH CAROLINA WANTS AIG PROBE
North Carolina State Treasurer Richard Moore has asked the U.S. Securities and Exchange Commission to investigate dealings between insurer AIG and its Starr units for possible conflicts of interest. Moore is the overseer of a $65 billion public pension owning 5.1 million AIG shares with a market value of $347 million.
THE HARTFORD HONORED
The Hartford Financial Services Group Inc. has earned the Business and Aging Award from the American Society on Aging. In naming the company its "Business of the Year," the San Francisco-based nonprofit cited The Hartford's pioneering work in promoting older driver safety. In 2004, The Hartford published the guide We Need to Talk:Family Conversations with Older Drivers. The guide has sold more than 250,000 copies in print and has been adopted by AARP's driver safety program. The Hartford previously was honored with the 1999 Business and Aging Award.
--Compiled by staff from news and wire reports.
April 15, 2005
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