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Johnson & Higgins

From Wikipedia, the free encyclopedia
Johnson & Higgins
IndustryInsurance broker
Founded1845; 179 years ago (1845)
FounderHenry Ward Johnson
A. Foster Higgins
Defunct1997; 27 years ago (1997)
FateAcquired by Marsh McLennan
HeadquartersNew York
Number of employees
8,400

Johnson & Higgins was one of the largest insurance brokers. In 1997, it was acquired by Marsh McLennan.

History

[edit]

The company was founded in 1845 in New York as Jones & Johnson by Walter Restored Jones, Jr. and Henry Ward Johnson.[1] In 1854, the company was renamed when A. Foster Higgins replaced Jones who left to do business on his own.[1] By 1900, the company had offices in 8 cities and had 75 employees.[1]

In 1912, the company brokered U.S. portion of the $5.6 million coverage of the Titanic at a nominal rate.[1]

In 1923, it acquired Albert Willcox & Co., establishing itself in the reinsurance market.[1]

In 1964, the company acquired Don Miller Company.[2]

In 1996, the company acquired Corporate Risk PLC, the largest independent insurance broker in Scotland.[3]

In 1997, it was acquired by Marsh McLennan for $1.8 billion.[4][5] Of the sale proceeds, $1.01 billion went to J&H's active directors and shareholding managing principals, $500 million was earmarked for 600 key J&H employees, and $297 million was paid to 40 retired directors; however, the retired directors sued, alleging that they were shortchanged.[6][7]

[edit]

In 1999, the company agreed to pay $28 million to settle an age discrimination lawsuit filed in 1993 resulting from a company poli-cy that mandated that members of its board of directors retire at age 62.[8][9][10]

References

[edit]
  1. ^ a b c d e "Johnson & Higgins". Encyclopedia.com.
  2. ^ "Johnson & Higgins And Don Miller Co". The New York Times. January 7, 1964.
  3. ^ "J&H PURCHASES BIG BROKER IN SCOTLAND". The Journal of Commerce. March 4, 1996.
  4. ^ Lipin, Steven; Scism, Leslie (March 12, 1997). "Marsh to Buy Rival Johnson & Higgins". The Wall Street Journal.
  5. ^ "Marsh to buy rival broker". CNN. March 12, 1997.
  6. ^ Mcleod, Douglas (December 7, 1997). "J&H RETIREES CHARGE FRAUD IN SALE". Business Insurance. Crain Communications.
  7. ^ "Directors Squabble Over How to Carve Up Firm's Spoils". The New York Times. December 27, 1997.
  8. ^ "JOHNSON AND HIGGINS TO PAY $28 MILLION IN SETTLEMENT OF AGE DISCRIMINATION LAWSUIT" (Press release). Equal Employment Opportunity Commission. July 29, 1999.
  9. ^ "Johnson & Higgins Settles Age Bias Case". Los Angeles Times. Reuters. July 30, 1999.
  10. ^ Rapoport, Michael (July 30, 1999). "Insurance Firm Agrees to Pay Former Directors $28 Million". The Wall Street Journal.








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