NU Online News Service, Aug. 24, 12:40 p.m. EDT
The insurance brokerage sector remains financially solid despite the weak U.S. economy and soft commercial property and casualty insurance market, Moody's Investors Service said.
In its latest "Insurance Industry--Industry Scorecard" report, Moody's reviewed the credit rating of the three major publicly traded insurance brokers: Aon, Marsh & McLennan Companies Inc. and Willis Group Holdings. The report also examined eight privately held firms.
"While the economic downturn and lower pricing resulted in marginal or even negative organic growth for some insurance brokers in 2009, overall the industry was able to maintain profitability," Benjamin Goldberg, co-author of the report, said in a statement.
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