Three Marsh brokerage employees and an underwriter at Zurich American Insurance pleaded guilty last week in New York Criminal Court to felony charges related to commercial insurance bid-rigging. Court documents revealed that among the evidence compiled against them by the New York Attorney General's Office was an e-mail from a broker that openly asked an underwriter to provide a "fake" quote.
The trio who pleaded guilty are the latest people charged in New York Attorney General Eliot Spitzer's ongoing investigation of the insurance industry, and bring to six the number of executives and other staff at Marsh who have admitted to participating in bid-rigging activity.
Todd Murphy, a former senior vice president in the Excess Casualty Division of Marsh's Global Broking Unit, pleaded guilty to scheming to defraud in the first degree and admitted that he engaged in price-fixing with American International Group.
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