AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
(From Lloyds List)
Byline: Broker predicts a fairer system following Marsh lawsuit, writes James Brewer
A MORE transparent marketplace and a more level playing field are developing in insurance broking in the wake of the Spitzer investigations, according to the annual state-of-the-market report from London-based broker Heath Lambert.
New York attorney general Eliot Spitzer single-handedly changed the shape of the insurance world when he filed a lawsuit against Marsh.
Heath Lambert commented: 'The case has affected the entire insurance community, and although it is still ongoing, Spitzer's campaign is already seeing a major emphasis on the transparency of both broker income and market relationships.'
It added: 'Many of the mid-sized brokers, including Heath Lambert, remain largely untouched by the scandal and, indeed, are set to benefit from the more level playing field that greater transparency will create.'
Heath Lambert managing director Adrian Colosso listed the challenges for 2005 as slowing or softening rates, a new regulatory regime and the changing face of the broker market.