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For The Manager: Avoid the hype when promoting small-business units

In early October, Connecticut Attorney General Richard Blumenthal made headlines with his investigation into the reinsurance industry. Among other things, the AG criticized the practice of arranging reinsurance contracts in accordance with the "best

By Chris Burand | Updated on December 31, 2007

In early October, Connecticut Attorney General Richard Blumenthal made headlines with his investigation into the reinsurance industry. Among other things, the AG criticized the practice of arranging reinsurance contracts in accordance with the “best available terms.” Apparently that means best for reinsurers, not their customers. The AG charged that if one reinsurer taking part in a contract negotiates a higher price or more restrictive conditions, then all other reinsurers–including lower bidders–receive the same higher price and restrictive conditions.

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