Bermuda-based ACE Ltd. has agreed to pay $80 million in restitution and penalties to settle charges of rigging bids on excess casualty insurance and arranging improper "finite reinsurance" transactions, authorities said today.
New York Attorney General Eliot Spitzer and State Insurance Superintendent Howard Mills said in their announcement that Connecticut Attorney General Richard Blumenthal and Illinois Attorney General Lisa Madigan are part of the same settlement.
As outlined in the announcement, the agreement calls for the ACE Ltd., the holding company, and its U.S. subsidiaries to adopt a series of what were called "sweeping reforms of its business practices."
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