Zurich Settles Insurance Probe With IL, Two Other States

Spitzer announced Monday that Zurich American Insurance will pay $153 million in restitution under a settlement with New York, Illinois and Connecticut.

The settlement calls for $88 million of the settlement to go to Zurich policy holders. New York state will get $39 million in penalties, while Illinois and Connecticut will each get $13 million.

The settlement is part of Spitzer's investigation of Marsh and McClennan, the nation's largest property and casualty brokerage. The firm settled last year for $850 million over allegations of bid rigging and price fixing as well as hidden commissions

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