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Article: Race is on to grab new insurance exchange license. (Chicago Board of Trade; Illinois Insurance Exchange)
- Article from:
- Crain's Chicago Business
- Article date:
- October 13, 1997
- Author:
CopyrightCOPYRIGHT 1997 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Mart's woes create opportunity for CBT, insurers
The Chicago Board of Trade is considering facing off against the struggling Illinois Insurance Exchange in a winner-take-all competition for licensing rights to start a new, state-chartered insurance mart.
Last week, the Chicago Board of Trade's (CBT) executive committee recommended that the mart hire accounting firm Ernst & Young LLP to assess competitors, estimate start-up costs and assemble a business plan for the project, tentatively dubbed Chicago Board Insurance Exchange.
"This is seminal," says CBT Chairman Patrick Arbor. "If it makes sense, we would go into the underlying physical security to ...