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Friday, October 15, 2004

Spitzer Investigates Advisory Firm

by: Theresa Sim

New York Attorney General Eliot Spitzer is not just aiming at insurance companies in his latest crusade against corruption. Another distribution company has come under the spotlight.

New York, New York-based National Financial Partners has joined Spitzer's short list, which currently includes Marsh McLennan and insurance companies ACE, AIG, The Hartford and Munich American Risk Partners. MMC and the insurance companies were named in a complaint announced on Thursday.

The advisory firm issued a statement on Friday acknowledging that it had received additional subpoenas from Spitzer's office inquiring about whether the firm engaged in fake quote requests or misrepresented quotes to clients.

"To date, the Attorney General's investigation of NFP has focused on the activities of NFP's New York licensed property and casualty insurance brokers," stated NFP officials in the release.

NFP previously disclosed that it had received one subpoena from Spitzer related to placement service agreements.

The public firm is run by Jessica Bibliowicz, daughter of Citibank Chief Executive Officer Sandy Weil. Bibliowicz created the firm with the vision of amassing independent advisory firms under its umbrella.

NFP currently consists of 135 firms and more than 180 affiliated third-party distributors. 

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