The soft property-casualty market is staying around for at least another year, according to Willis Group Holdings’ forecast for 2011, which goes as far as to encourage insurance buyers to take “smart advantage” of the ongoing soft market.

While other brokerages recently reauthorized to accept contingent commissions in a multi-state agreement have rejected the payments, Marsh has announced that it will reject the practice in some instances, but permit it in others.

Regulators in three states have lifted a five-year-old prohibition on contingent commissions for some of the nation’s largest brokerages in return for greater transparency on agent and broker compensation.

With New York regulators unveiling a new broker compensation disclosure rule promoting greater openness in transactions, the head of Willis Group Holdings said the move is not “true transparency.”

Citing his role in “a decade of expansion,” the board of directors for Willis Group Holdings extended the contract of its chairman and chief executive officer, Joseph J. Plumeri, through July 7, 2013.

The tallest building in the U.S. – Sears Tower – will become Willis Tower under a deal that would consolidate five Chicago-area property-casualty insurance offices into the tower.

The 110-story tower, …  Read →