Insurance industry
John Hancock Patriot Global Dividend Fund, a closed-end fund managed by John Hancock Advisers, LLC, announced significant earnings growth for the first quarter ended October 31, 2004. The fund's net investment income of $2,058,510 represented a substantial increase from the comparable period in 2003, which reported
Insurance industry
American International Group, Inc. (AIG) has submitted a proposal for settlement with the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) regarding structured transactions with Brightpoint, Inc. and The PNC Financial Services Group, Inc. The proposed agreement, if approved, will fully resolve all claims against AIG and
Insurance industry
The Brokerage Buy List, compiled by Wall Street's top professionals, identifies the best large-cap stocks for long-term investors. Zacks.com recently added four new stocks to this prestigious list, all of which have shown outstanding performance in the past. The four stocks are The Allstate Corporation (NYSE:ALL)
Insurance industry
California Insurance Commissioner John Garamendi said he has filed a lawsuit against a San Diego-based employee benefits broker, Universal Life Resources (ULR), and four major insurers - MetLife Inc., Cigna Corp., Prudential Financial Inc., and UnumProvident Corp. - over "secret" commissions and "kickback schemes" that allegedly
Insurance industry
The Securities and Exchange Commission and the New York attorney general, Eliot Spitzer, have expanded their investigations into the insurance industry, with both agencies subpoenaing documents from Ace Ltd. and AIG Inc. concerning loss-mitigation insurance contracts. These contracts, also known as finite insurance, have been widely used for at least
Insurance industry
New York Attorney General Eliot Spitzer has launched a lawsuit against insurance broker Universal Life Resources, accusing the firm of engaging in fraudulent practices that led to higher premiums for employees at companies like Viacom and Intel. The investigation is part of a wider probe into the insurance industry, following
Insurance industry
Investigations into possible bid-rigging and compensation practices at some of the world's largest insurance brokers have led to a wave of subpoenas and lawsuits, prompting industry leaders to reexamine their business practices. New York Attorney General Eliot Spitzer's allegations of widespread corruption in the insurance industry
Insurance industry
New York Attorney General Eliot Spitzer has been investigating the insurance brokerage business, focusing on activities beyond those already publicly identified as under scrutiny. Aon Corp. and other companies have sworn off "contingent commissions", but Aon has other ties that can put its interests at odds with those
Insurance industry
Michael Cherkasky, the newly appointed CEO of Marsh & McLennan, is undertaking a radical overhaul of the company, transforming its image and business practices in an effort to shake off the negative image of the company's ousted CEO Jeffrey Greenberg. Cherkasky's changes include selling the company&
Insurance industry
Eliot Spitzer, the New York attorney general, filed a lawsuit two weeks ago accusing Marsh & McLennan Companies, the world's largest insurance broker, of rigging the market. The company's chief executive and chairman, Jeffrey W. Greenberg, has resigned, paving the way for a settlement of the
Insurance industry
Marsh & McLennan's Chairman and CEO, Jeffrey Greenberg, has resigned 11 days after the company was implicated in a major bid-rigging scandal. The move comes as a result of pressure from New York Attorney General Eliot Spitzer, who announced a civil suit against Marsh on October 14th. Greenberg&
Insurance industry
Aon Corp., a leading provider of risk management services, is facing a Securities and Exchange Commission (SEC) investigation for potential violations of securities laws and Employee Retirement Income Security Act of 1974 (ERISA). The investigation comes on the heels of New York Attorney General Eliot Spitzer's lawsuit against
