Archive for March, 2008
COBRA annual profits up 56% on year
Broker network COBRA has reported its annual results, with operating profits up 56%.
Total revenue increased by 68%, partly due to organic growth of 13%.
The UK summer floods last year dented profits somewhat. However, COBRA made a number of acquisitions throughout the year, including UKI and Tubbs Insurance Services.
COBRA is hoping to make more acquisitions […]
401(k) fee suits draw federal interest
WASHINGTON—The Department of Labor has sent a quiet but strong signal that it is keeping a close watch on the growing collection of 401(k) fee lawsuits—and that it will intervene in these cases if it deems necessary, experts say. Without much fanfare, the Labor Department recently elected…
AIG battling Greenberg over shares held by SICO
NEW YORK—American International Group Inc. has fired another salvo in the three-year legal battle with former Chairman and Chief Executive Officer Maurice R. Greenberg, accusing him and six other former company officials of misappropriating $20 billion in company stock. New York-based AIG…
Retiree health care returning to work?
WASHINGTON—As a long-running legal controversy about the design of retiree health care plans has been resolved, the future of the plans may be brightening. The final step came last week when the U.S. Supreme Court declined to intervene and let stand a federal appeals court ruling that upholds…
AIG says comp peers cheated on premiums
CHICAGO—In the latest twist in a decades-long saga of workers compensation insurance irregularities, American International Group Inc. charges that others in the workers comp industry illegally reduced their losses and conspired to damage AIG in violation of federal racketeering laws. Fighting…
Nontraditional alliance helps industry cause
TOO OFTEN, LAWMAKERS view issues involving insurance as being of interest only to the insurance industry. So we’re glad that a broader-based consortium has coalesced to oppose a couple of insurance-related ideas that supposedly promote the public interest when we believe they will actually harm it….
Change in location lets other regions shine
Late last month, I traveled to Dubai to participate in the World Insurance Forum, which drew about 350 insurance and reinsurance executives from Bermuda, the United States, Europe, the Middle East and the Far East. It’s not an easy place to get to; taking about 20 hours of total travel time from…
Store throws a curve in Red Sox promotion
It’s a sales promotion that Chicago Cubs fans would love to see their team spoil by winning its first World Series championship in 100 years (really, that’s no exaggeration). Other Major League Baseball teams also could—and more likely will—have the opportunity to cross up the customers…
Come on baby, light my fire and marine
It’s not the end, my friend, for Doors keyboardist Ray Manzarek’s attempt to get St. Paul Fire & Marine Insurance Co. to cover an “advertising injury” he suffered in a dispute with Doors drummer John Densmore. The two have been feuding for years over Mr. Manzarek’s touring with guitarist…
Market Moves
Gallagher acquires two companies ITASCA, Ill.—Arthur J. Gallagher & Co. has acquired Bankers Financial Benefits of Oklahoma City and Splinter Group Inc. of Park Ridge, Ill. Terms of the agreements were not disclosed. Bankers Financial Benefits is an employee benefits consultant and brokerage…