Aon, the #2 insurance brokerage, may be Eliot Spitzer's next target in his investigation of contingent commission payments from insurers to insurance brokers, according to the New York Times.
An article in the Sunday Times, "Spitzer Goes Hunting for His Next Trophy," by Timothy L. O'Brien and Joseph B. Treaster, focuses on the career of Patrick Ryan, Aon's CEO, who built the present day global insurance brokerage through acquisitions and creative business practices. The article provides a readable introduction to the practices and regulation of insurance relevant to the investigation and the role of Marsh & McLennan and Aon, which together handle 70% of the corporate insurance market in the United States, according to the Times.
The CEO of Marsh resigned a few days ago in response to charges by Attorney General Spitzer. According to the Times, Mr. Spitzer has further evidence that may involve practices by Aon, but has not filed legal action, as he has with respect to Marsh. The New York Times > Business > Your Money > Spitzer Goes Hunting for His Next Trophy
Posted by dougsimpson at October 31, 2004 10:00 AM | TrackBack