American International Group Inc. (AIG) agreed yesterday to pay Pennsylvania $9.1 million to settle allegations regarding bid-rigging and client steering.  The agreement settles Pennsylvania Insurance Commissioner, Joel Ario's investigation into AIG's financial reporting concerning its alleged reinsurance deal.

In February, a former AIG executive and four former Gen Re executives were found guilty for their part in a transaction related to the financial misreporting that is the b

American International Group Inc. (AIG) agreed to pay $12.5 million to 10 states to settle bid rigging allegations.  AIG was accused of paying agents and brokers undisclosed contingent commissions and in colluding in a scheme with Marsh Inc.  This settlement follows the settlement reached last month by the Travelers Cos. Inc.

The states included in the settlement are:  Florida, Hawaii, Maryland, Massachusetts, Michigan, Oregon, Texas, West Virginia, Pennsylvania and the

CNN talk show host Larry King filed a lawsuit in the U.S. District Court for the Central District of California against insurance broker Alan Meltzer of the Meltzer Group.  In his complaint, King alleges that Meltzer and his brokerage company breached their fiduciary duty when they advised him to sell $15 million worth of life insurance policies.

Apparently, King says that he was instructed to buy a $10 million life insurance policy with a trust designated as the owner.  Kin

ACE Group Holdings Inc. and its subsidiaries agreed to pay $4.5 million to a group of eight Attorneys General in settlement of their antitrust claims.  The settlement resolves allegations of bid-rigging and price-fixing in the commercial insurance market in their dealings with insurance broker, Marsh & McLennan.

The states involved with the settlement include Florida, Hawaii, Maryland, Massachusetts, Michigan, Oregon Texas and West Virginia and the District of Columbia.&nb

Connecticut Attorney General Richard Blumenthal filed an antitrust lawsuit against Guy Carpenter & Company, LLC, one of the world’s largest reinsurance brokers for anticompetitive practices.  The complaint alleges that Guy Carpenter illegally inflated insurance costs for insurance companies and consumers nationwide.

In a press release, Blumenthal said, “Guy Carpenter served as ringleader in choreographing the reinsurance market to fix prices, stifle competitors an

Ohio Attorney General Marc Dann sued Marsh & McLennan and four of the nation’s largest insurance companies.  Having settled with the state of New York back in early 2005 for $850 million, Marsh faces identical allegations.

Dann claims that Marsh and the insurers violated the state’s anti-trust laws and orchestrated a conspiracy to eliminate competition in the commercial insurance industry.

Full coverage of this new lawsuit will be in the Sept. 25 issue of