Allied World Assurance Company, Ltd., has suspended its chief underwriting officer as a result of an investigation launched by the Attorney General of Texas stemming from the company's relationships with two insurance carrier investors and others.
The Hamilton, Bermuda-based insurer, in an amended Securities & Exchange Commission filing on Monday, said it received a request for information from the office of Texas Attorney General Greg Abbott on Nov. 8, 2005. The office was looking into questions over restraint of trade in its dealings with American International Group and Chubb.
The attorney general also was looking into questions of contingent commission practices and providing false quotes for insurance brokers–the subject of numerous investigations by other state attorney generals and insurance regulators.
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