Employees Suspended by Zurich in Insurance Broker Investigation

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Several employees have been suspended by Zurich Financial during an internal review into practices with insurance brokers, according to Reuters. According to a statement by Zurich, "The review process... has led to the suspension of several employees of the Excess Casualty underwriting unit in the Specialties Business of Zurich North American Commercial."

According to Wayne Fisher, from Zurich, they are looking in their policy on contingent commissions, which are at the heart of the recent investigation by New York Attorney General Eliot Spitzer.

In somewhat related news German insurance company Allianz has also announced it is conducting and internal investigation into its U.S. operations.

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