Zurich American has begun assessing which excess casualty insurance customers are due restitution under a multi-million dollar bid-rigging settlement that requires complete calculations by July 10, a company spokesman said.
The insurer recently completed a settlement with New York, Connecticut and Illinois that provides $88 million for policyholders, as well as a second, separate agreement with nine other states providing $151 million in refunds.
While the tri-state agreement calls for customers in those states to be paid by Feb. 7, 2007, according to a Zurich spokesman, Steven McKay, the restitution timetable for the larger agreement is up in the air.
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