Canadian Underwriter

Two Zurich employees plead guilty to bid-rigging

November 16, 2004   by Canadian Underwriter

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Zurich Financial Services confirmed late Tuesday that two employees who had been suspended earlier have now pled guilty to criminal charges of bid-rigging.
Zurich had suspended the two employees, who are underwriters at its Zurich North America Commercial excess casualty business, as a result of an investigation commissioned by the insurer but carried out by an external firm.
The two pled guilty to misdemeanor violation of New York State’s antitrust law, Zurich confirms.
Zurich said its internal investigation looked specifically at its relationship with broker Marsh.