Texas Attorney General Greg Abbott announced yesterday thatBermuda-based insurance carrier Allied World Assurance CompanyHoldings Ltd. would pay the state $2.1 million to settle chargesthat it fixed commercial insurance prices with AmericanInternational Group.
According to a civil action filed by Mr. Abbott's officeyesterday along with the agreement to settle it, AWAC “was thebrainchild of [then] AIG Chairman Maurice ('Hank') Greenberg.”
Mr. Greenberg–who was forced out of his AIG posts in 2005, andwho is currently chairman and chief executive officer of C.V. Starr& Company–is facing civil fraud charges brought by the New YorkAttorney General's Office.
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