Leading brokers a year later.Since New York state Attorney General The New York State Attorney General is the chief legal officer of the State of New York. The office has been in existence in some form since 1626, under the Dutch colonial government of New York. Eliot Spitzer's investigation commenced on Oct. 14, 2004, top-tier brokers have made some major changes to their business practices: * Segment leader Marsh Inc. has a new leader, President and Chief Executive Officer Michael G. Cherkasky. The company sold its wholesale broker Crump Group Inc., marking its intention--along with Aon Corp. and Willis Group Holdings Ltd.--to exit the wholesale business to focus on core services The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. and avoid potential conflicts of interest. Marsh also unwound un·wound v. Past tense and past participle of unwind. unwound unwind market service agreements, stopped accepting contingent commissions as of November 2004, and paid $850 million in restitution. The company also cut more than 5,000 positions. * Aon, the second-largest national broker, brought in new leadership and stopped accepting contingent commissions in late 2004. The company wound down market service agreements and placement service agreements, sold nearly all its shares in Bermuda reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. Endurance Specialty Holdings Inc., and agreed to pay $190 million to policyholders to resolve lawsuits filed by attorneys general in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Connecticut and Illinois. Aon divested Swett & Crawford, the largest U.S.-based wholesale insurance broker, and still plans to divest Cananwill, its premium finance arm. The company also sold three United Kingdom-based businesses and plans to eliminate 1,400 positions, including 750 from its U.K. operations, to restructure and cut costs. * Willis Group Holdings Ltd. abolished profit-based contingency fees in October 2004 in North America and by the end of 2004 in other countries, offered complete disclosure of all compensation earned from underwriters, and said it would cease charging on a volume basis. The company introduced a "client bill of rights"; established internal controls including regular compliance reviews, audits and review by the audit committee of the company's board; and sold its wholesale brokerage unit. Willis then hired former Marsh Managing Director/Regional Manager Wayne Herrington to head its Southeast region. * Arthur J. Gallagher & Co. said it stopped accepting contingent commissions as of Jan. 1, 2005. The company conducted an internal probe, which concluded the company had not engaged in any wrongdoing wrong·do·er n. One who does wrong, especially morally or ethically. wrong  do . The company also pledged to return $27 million to certain Illinois clients to resolve the state's probe into improper contingent fee Payment to an attorney for legal services that depends, or is contingent, upon there being some recovery or award in the case. The payment is then a percentage of the amount recovered—such as 25 percent if the matter is settled, or 30 percent if it proceeds to trial. arrangements.
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