January 22, 1999 |
Marsh & McLennan Cos., the world's largest insurance broker, named Jeffrey W. Greenberg president and said he will succeed Chairman and Chief Executive A.J.C. Smith by the end of 1999. Smith, 64, will retire in 2000 from the New York-based company, which he has run since 1992, though he will remain a director. Greenberg, 47, was at one time a potential successor to American International Group Inc. Chairman Maurice R. Greenberg, his father.
March 18, 2005 |
Marsh & McLennan Cos., the world's largest insurance brokerage, Thursday said it had named Robert Erburu as nonexecutive chairman. Erburu became lead director and de facto head in October after Chairman and Chief Executive Jeffrey Greenberg resigned after a bid-rigging lawsuit from the New York attorney general's office. In November, five other inside directors resigned, leaving Marsh Chief Executive Michael Cherkasky and 10 outside directors remaining.
December 30, 2006 |
Marsh & McLennan Cos., the world's largest insurance brokerage, agreed to sell its Putnam Investments asset management unit to Canada's Power Corp., said a person familiar with the negotiations. Power, which controls Canada's biggest mutual fund company through its Power Financial Inc. unit, will pay $3.9 billion, the Wall Street Journal reported Friday. Analysts had valued the Boston-based firm at $3 billion to $4.5 billion.
September 20, 2006 |
Marsh & McLennan Cos., the world's largest insurance brokerage, will solicit offers for Putnam Investments after managed assets at the mutual-fund unit dropped to their lowest level in more than nine years. "Over the past few months, there have been repeated inquiries from parties interested in either acquiring or partnering with Putnam," Chief Executive Michael Cherkasky said in a statement Tuesday.
January 11, 2001 |
Heidi Miller, who left Citigroup Inc. less than a year ago for Internet-based travel agency Priceline.com, will join Marsh & McLennan Cos. as vice chairman of its insurance brokerage division. The move marks the end of a foray into online commerce by one of Wall Street's most powerful female executives. Miller joined Priceline in March as chief financial officer, days after its shares rose to a peak of $95.94, and left in November, after they had lost 93%. Miller will be the No.
October 22, 2004 |
A federal grand jury is investigating products sold by insurer American International Group Inc. that companies might have used to make their earnings look better, the company said Thursday. Meanwhile, insurance broker Marsh & McLennan Cos., so far the main focus of the growing regulatory scrutiny of insurance practices, got more bad news when Standard & Poor's cut its credit rating and said more cuts were possible. The cut probably will raise Marsh's borrowing costs.
November 24, 2004 |
Marsh & McLennan Cos., the insurance brokerage accused by New York Atty. Gen. Eliot Spitzer of colluding with insurers to win more fees, on Tuesday had its credit rating cut one level to BBB by Standard & Poor's. S&P lowered the senior debt rating on New York-based Marsh from BBB+ because cash flows in 2005 and 2006 may be lower than the rating company previously expected.
March 14, 2006 |
Marsh & McLennan Cos. has settled an investigation by California into its commission practices, state Insurance Commissioner John Garamendi said Monday. New York-based Marsh will not be fined, but will disclose commission agreements and end bid-rigging practices, the insurance commissioner said. In January 2005, Marsh agreed to pay $850 million to settle a lawsuit by New York Atty. Gen.
July 30, 1999 |
Marsh & McLennan Cos.'s Johnson & Higgins unit agreed to pay $28 million to settle federal charges that it illegally forced directors to retire by age 62. The case dates to 1993, when the Equal Employment Opportunity Commission sued Johnson & Higgins in federal court in New York, alleging that its mandatory retirement policy violated the Age Discrimination in Employment Act.
November 10, 2004 |
Marsh & McLennan Cos., the nation's largest insurance broker, said Tuesday that it would lay off 3,000 employees -- about 5% of its workforce -- because of fallout from a bid-rigging probe by New York Atty. Gen. Eliot Spitzer.