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Two senior underwriters from Zurich America Insurance Company have pleaded guilty to criminal charges in connection with a bid rigging scheme, New York Attorney General Eliot Spitzer announced.
Although the investigation into these types of insurance broker fraud have only started, Spitzer said, "Our goal is to determine the full extent of wrongdoing in the industry and its effect on consumers, to punish those involved in misconduct, and to implement appropriate corrective measures."
Complaints filed from August 2002 through September 2004 state that both of the defendants worked as part of the department of the Specialties Excess Casualty Unit at Zurich, and specifically dealt with executives at Marsh Global Brokering, a subsidiary of Marsh & McLennan Companies. Each defendant pled guilty to misdemeanors under New York State's Donnelly Act, which prohibits agreements in unreasonable restraint of trade and competition.
This action is part of Spitzer's ongoing investigation of fraud and anti-competitive practices in the insurance industry. Five executives at three major insurance companies have now pleaded guilty to criminal charges in the probe including two executives at AIG and one at ACE.
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