Policyholders eligible for restitution under Arthur J. Gallagher & Co.'s $27m agreement with Illinois insurance regulators over contingent compensation practices will receive their settlement offers no later than early October, according to the brokerage's top executive.
Patrick Gallagher Jr., president and chief executive officer, said: "We have about 85,000 letters going out to clients."
63,000 clients will receive offers of less than $100 each. Around 200 policyholders will receive offers above $10,000, Mr. Gallagher said.
Policyholders eligible for restitution include those who retained Gallagher's services to place, renew or consult on insurance services resulting in contingent commission overrides for the period from 1 Jan, 2002, through 31 Dec, 2004.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
