Broker Accused of Rigging Bids for Insurance
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The New York state attorney general accused the world's largest insurance broker of cheating customers by rigging prices in exchange for kickbacks.
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Aon Corp.  and Willis Group Holdings  have received several subpoenas from regulators related to a sweeping investigation of bid-rigging, the insurance brokers said on Tuesday.
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In the four days since New York Attorney General Eliot L. Spitzer alleged that brokers and corporate insurance carriers were engaged in bid-rigging and secret payoffs
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A former chief operating officer at a Marsh & McLennan Cos. Inc. unit has sued the world's largest insurance broker by market value, alleging he was not properly compensated after being fired in the aftermath of a 2004 bid-rigging scandal.
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New York&#39;s attorney general sued the nation&#39;s leading insurance brokerage yesterday, accusing brokers of taking payoffs to steer clients to insurance companies that were not necessarily offering the lowest prices for their policies.
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Strange stirrings at advertising broker
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Two underwriters at Zurich Financial Services AG, the third-biggest US commercial insurer, pleaded guilty to charges they helped rig bids to help an insurance broker give business to favored clients.
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ALBANY, NY -- New York state officials say they expect two insurance company executives to plead guilty in a corruption probe into bid-rigging in the insurance brokerage industry.
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Investigators probing US insurance firms are alleged to have found evidence of improper practices at Aon, the world&#39;s second largest broker.
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The question of blood ties in boardrooms arose last week after New York State Attorney General Eliot Spitzer accused insurance firms run by CEOs from the same family of taking part in a widespread bid-rigging scheme.
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When New York Attorney General Eliot Spitzer accused insurance broker Marsh &amp; McLennan Cos. last month of taking kickbacks from insurers, resulting in higher premiums for clients, he raised questions for the
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Customers in search of cheap airfare, antiques or a stock trade can scan the Web for good deals. But when it comes time for companies to buy group insurance policies, they've largely been beholden to brokers using fax, e-mail and the telephone to track down the best bargain. Some industry analysts say an ongoing insurance bid-rigging scandal &#151; combined with rising health care costs &#151; will build demand for online bidding on insurance policies.
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The accused include a Morgan Stanley compliance official, a UBS research executive and traders for hedge funds and brokerage firms.
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Two senior insurance underwriters at  Zurich American Insurance Co. pleaded guilty  on Tuesday to  misdemeanors related to bid-rigging in the insurance market.
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New York Attorney General has subpoened major players in the Washington area insurance market as part of an investigation into steering and bid-rigging.
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He's faced down Wall Street investment banks, exposed late-trading at mutual funds and discovered bid-rigging among some of the nation's biggest insurance companies.
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Brokers required to provide competing bids have been taking payoffs from insurance companies, New York's attorney general charged today.