Marsh & McLennan's profit rebounds from investigations.Insurance broker Marsh & McLennan Cos. slowly is restoring its business, posting its first quarterly increase in profit after a year of regulatory investigations. Third-quarter net income for Marsh was $65 million, up from $21 million a year earlier. It was shortly after 2004's third quarter ended that 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 Eliot Laurence Spitzer (born June 10 1959 ) is an American lawyer, politician and the current Governor of New York. Spitzer was elected governor in the November 2006 election. accused the company of bid-rigging and ignited an industrywide firestorm fire·storm n. 1. A fire of great size and intensity that generates and is fed by strong inrushing winds from all sides: the firestorm that leveled Hiroshima after the atomic blast. 2. of investigations into insuance brokerage practices. Despite the latest quarterly results, the world's largest broker said new business retentions were down--a sign that its tarnished reputation hasn't fully been repaired. In September, Marsh cleared a major hurdle when it agreed with 30 insurance regulators working through the National Association of Insurance Commissioners The National Association of Insurance Commissioners (NAIC) is an Internal Revenue Code Section 501(c)(3) non-profit organization which seeks to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United States. to a multistate settlement of inquiries into the company's bidding and compensation practices. The NAIC NAIC See National Association of Investors Corporation (NAIC). adopted the $850 million settlement the broker concluded in January with the New York state attorney general and insurance superintendent as a global resolution. |
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