New York Attorney General Eliot Spitzer and Insurance Superintendent Howard Mills on Thursday announced the indictment of seven former executives of insurance brokerage giant Marsh Inc. and one from insurance carrier ACE USA. The former executives are accused of colluding with executives at leading insurance companies to arrange noncompetitive bids and conveying these bids to Marsh clients under false pretenses.

The indictments come after 17 individuals at five companies, including eight former Marsh employees, previously pleaded guilty to criminal charges in the ongoing insurance industry investigation that began a year ago.

NY AG Spitzer Indicts Former Marsh Execs for Roles in Bid Rigging, Fraud (Insurance Journal 9/15/05)

September 20, 2005