ACE Limited agreed last week to pay $80 million in restitution and penalties to settle charges with three states of rigging bids on insurance contracts and improperly accounting for finite reinsurance transactions.
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 were also part of the settlement with the Bermuda-based firm.
Evan Greenberg, ACE's chief executive officer, said the deal is “a significant step toward achieving resolution of these matters that have weighed on both ACE and the industry.” But “it is not a global settlement, because it does not include other states, class action plaintiffs, nor the SEC,” he said during a conference call last week.
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