This article appears courtesy of Reactions.
Before last Autumn, big was beautiful in the world of insurance broking. A wave of mergers in the late 1990s created three big powerhouses – Marsh, Aon and Willis. Their aim was to provide everything an insurance buyer could possibly want under one roof, which earned them the nickname of supermarket brokers.
But, on October 14 2004, New York Attorney General Eliot Spitzer sued Marsh, the biggest of the three, accusing it of rigging bids to obtain the highest possible contingent commissions.
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