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White Mountains Insurance Group, Ltd. Message Board

  • postit4utoc postit4utoc Oct 19, 2004 1:03 PM Flag

    Insurance Fraud

    Knowing how WTM operates, How deeply is White Mountain involved in the latest insurance scam to maximize the premium received from it's customers? Another black eye for the insurance industry!!!! N.Y. Attorney General Sues Marsh & McLenna, Alleging Brokers Are Taking Payoffs And Increasing Costs To It's Policyholders.

    ALBANY, N.Y. (AP) -- New York Attorney General Eliot Spitzer sued insurance giant Marsh & McLennan and implicated American International Group and several others Thursday, alleging brokers have been taking payoffs from insurance companies to steer corporate clients their way rather than get the best prices for policies, as they are required.

    Two AIG executives pleaded guilty to participating in the illegal conduct and are expected to testify in future cases, Spitzer said in announcing the broader investigation into whether brokers and companies violated fraud and antitrust laws and regulations.

    The victims were mostly large corporations who were deceived into buying property and casualty coverage that may have cost more, but also included small and mid-size businesses, municipal governments, school districts and individuals, Spitzer said.

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    • Oh, OK, in that case it's b) - e), if we expand the definition of e) to include an elobarate, tax-payer financed ego-affirmation event, and fishing for an a).

      I bet there's some underwear needs changing in Boston right about now.

    • Huh?

    • Mike Keane (pronounced "CANE," just like Villenueva is pronounced "Villanova") is a true and loyal friend of the Independent Agent and company employee. Trust him. His ass crack is embedded in the corporate seats of Fenway and Gillette alike. Just ask his close friend, Dana.

    • You already should know the answers to your questions as they've been clearly dictated on this board many times. In a word, NO, they don't care about anthing other than themselves!

    • Boys Boys Boys......... You are naive if you think Jack and the boys are in it for anyone other than themselves. They bailed out of Fireman's Fund with potfuls of money. When Jack was CEO of Montpelier Re's they had to lease a corporate jet for all those nasty trips to Bermuda. Who did they lease it from?? Jack's SON!!! If you are a worker bee, you will be ground up and spit out--that is if they care enough to spit.

    • I am wondering why no one has ever mentioned all of the senior executives who do not live in the state of Mass. and have no intentions? Does this mean this is not a permanet situation? A lot of them have been living in corporate housing in the city for at least two to three years. Another large expense. What about the town cars that come on Friday or whenever they need to go to the airport? Why do they not just hop in a cab? The cabs sit right at the corner of 1 Beacon. Is this thinking like an owner? They do not set an example, but do they really care?

    • Yes, obviously, but it's not 'void,' it's 'ether.'

      Hey, did I mention that the private jet expense is apportioned between General Expense, Other Acquisition Expense, and Unallocated Loss Adjustment Expense? That's right. Not only is it an outrageously senseless, frivolous component of the expense ratio, but it impacts the loss ratio as well.

      'OneBeacon: Bend Over, Baby.'�

    • Obviously, nothing you would understand. Pontificating in the void rather than meeting payroll for thousands of people, now that's a great contribution to society!

    • Which has what to do with anything?

      At any rate, it's the same number of people that I've told to think like they owned the company and then treated like fully-depreciated office furniture before cheating them out of their retirement benefits and leaving for the weekend at 3:00 Thursday afternoon on a private jet.

      But thanks for recognizing my Greatness!

    • PLease tell me, O Great Anonymous One, how many people have you ever had on your payroll depending for their livelihood on your honesty and good intentions?

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