The Pembroke, Bermuda-based company announcement said John Charman, AXIS Capital chief executive officer and president, has stated that AXIS Capital is "more than happy to fully cooperate with this inquiry" and the attorney general's request for "information regarding incentive commission agreements between its insurance companies and insurance brokers."

AXIS Capital is a post-9/11 startup company providing property-casualty insurance and reinsurance. Its U.S. insurance operation is based in Alpharetta, Ga. with operations in New York, Connecticut and Illinois.

A spokesperson for AXIS said the subpoena was delivered to the company Aug. 26. In June, Mr. Spitzer subpoenaed three large insurers on the life and health side of the business--Aetna Inc., Cigna Corp. and MetLife. MetLife said then it was asked for information about "certain compensation agreements between insurance brokers and MetLife companies" and that it would cooperate fully.

Mr. Spitzer's office would not comment yesterday on the investigation into possible conflicts of interest, which first became public in late April with disclosures by the Aon, Willis, Kaye Group and Marsh brokerages that they had been subpoenaed.

The brokerages have said the fee arrangements?also known as market service agreements, placement service agreements, or contingent commission agreements--are a longstanding practice and that they have disclosed them to clients.

A number of the brokerages have been the target of suits by insurance clients seeking restitution and damages for what they charge were the firms' acceptance of hidden "kickbacks" to place their business.

Critics of the fees suggest that in order to obtain them, brokers might be willing to advise clients to accept overpriced, unneeded or insufficient coverage.