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Zurich American agrees to settle bid-rigging case

December 05, 2006|From the Associated Press

Zurich American Insurance Co. will pay $122 million to resolve claims of bid-rigging and price-fixing in the commercial insurance market under a nationwide settlement negotiated by California and 10 other states, Pennsylvania Atty. Gen. Tom Corbett said.

The states alleged that Zurich American conspired with brokers to overcharge commercial policyholders and failed to disclose its payment to brokers of commissions that were contingent on the brokers' selling a certain amount of Zurich policies.

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