Tuesday, October 19, 2004

Active Investor Toolkit | Reuters.com

Active Investor Toolkit | Reuters.com: "probe
Mon Oct 18, 2004 04:24 PM ET
(Recasts several paragraphs, adds details, closing prices)
By Aleksandrs Rozens and Jonathan Stempel
NEW YORK, Oct 18 (Reuters) - Marsh & McLennan Cos. (MMC.N: Quote, Profile, Research) shares sank 12 percent on Monday, taking their three-day slide to nearly 45 percent, after the insurance broker canceled a conference call with investors to explain the impact of a bid-rigging probe by New York's attorney general.
Meanwhile, Ace Ltd. (ACE.N: Quote, Profile, Research) , a Bermuda-based insurer implicated in a Thursday lawsuit against Marsh by the attorney general, Eliot Spitzer, said it will stop paying fees to brokers to steer business its way.
Ace adopted its new policy after American International Group Inc. (AIG.N: Quote, Profile, Research) , the world's largest insurer by market value, on Friday said it might make a similar decision.
New York-based Marsh on Friday said it decided to stop accepting the fees. A day earlier, Spitzer sued it for allegedly steering unsuspecting clients to certain insurers and reaping huge fees."

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