I wonder if Chubb/Travelers or others will look at their excess positions over AIG/others on layered programs with more scrutiny? The drop-down wording will need to be reviewed and monitored. I would be on the look out for some brokers to try and loosen the wording on the manuscript policies.
There have been rumors that AIG was getting out of the bond business for some time. Marsh’s announcement seems like sour grapes in its timing. Still angry over the Spitzer debacle, are we? Way to kick a man when he’s down Marsh.
Marsh was the paperboy here, not the editor. Further, I’m unsure how the Spitzer debacle has anything to do with Marsh and Starr’s…I’m sorry, AIG’s relations.
Heck, AIG never wanted to pay claims even before they were in deep kah-kah… Who else could get away with delaying payment of a settled claim 90-120 days??? I guess you can get away with that if you’re the 600 pound gorilla…
Think about all the value Starr and Hank Greenberg have lost in this debacle…can you spell “shareholder class action”???
I am an agent for AIG, and when a policy comes up for renewal we generally comparison shop it in our agency. If the renewal premiums are close to Brand X, and Brand X has a better ratin, what do you suppose the choice of the customer will be? And I have never in 35 years in the business had so many people ask me about what’s going on with a company like they have with this event.
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I wonder if Chubb/Travelers or others will look at their excess positions over AIG/others on layered programs with more scrutiny? The drop-down wording will need to be reviewed and monitored. I would be on the look out for some brokers to try and loosen the wording on the manuscript policies.
There have been rumors that AIG was getting out of the bond business for some time. Marsh’s announcement seems like sour grapes in its timing. Still angry over the Spitzer debacle, are we? Way to kick a man when he’s down Marsh.
Marsh was the paperboy here, not the editor. Further, I’m unsure how the Spitzer debacle has anything to do with Marsh and Starr’s…I’m sorry, AIG’s relations.
Heck, AIG never wanted to pay claims even before they were in deep kah-kah… Who else could get away with delaying payment of a settled claim 90-120 days??? I guess you can get away with that if you’re the 600 pound gorilla…
Think about all the value Starr and Hank Greenberg have lost in this debacle…can you spell “shareholder class action”???
Paperboy. I like the sound of that. Why would Travelers and Chubb have no comment?
I don’t think there’s enough D&O out there to cover their hides on this one!
I am an agent for AIG, and when a policy comes up for renewal we generally comparison shop it in our agency. If the renewal premiums are close to Brand X, and Brand X has a better ratin, what do you suppose the choice of the customer will be? And I have never in 35 years in the business had so many people ask me about what’s going on with a company like they have with this event.
http://www.ins.state.ny.us/press/2008/p0809222.htm