Antitrust

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In a press release dated January 29, 2008, Texas Attorney General Greg Abbott announced the settlement of a bid-rigging investigation involving American International Group Inc.   Click here to review the press release, petition and final judgment with AIG.  The press release states that the agreement was spearheaded by Texas Attorney General Abbott’s Antitrust Division. 

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On November 8, 2007, Louisiana Attorney General Charles C. Foti, Jr. announced that his office filed a petition in New Orleans Civil District Court suit against Allstate Insurance Company, Lafayette Insurance Company, Xactware, Inc., Marshall & Swift/Boeckh, LLC, Insurance Services Office, Inc., State Farm Fire and Casualty Company, USAA Casualty Insurance Company, Farmers Insurance Exchange, Standard Fire Insurance Company and McKinsey & Company for alleged violations of the Louisiana Monopolies Act. …

On October 26, 2007, Oregon AG Hardy Myers announced a settlement with ACE Group Holdings, Inc. and its subsidiaries (“ACE”) over allegations of improper, fictitious quoting and steering of insurance businesses.  The AG filed a stipulated judgment in Marion County State Circuit Court, in which ACE agreed to pay $4.5 million to a group of eight Attorneys General in settlement of their antitrust claims with no admission that ACE violated any laws. …

On October 16, 2007, the Florida Office of Insurance Regulation (“FLOIR”) issued a subpoena to several Allstate entities requesting that  they appear before the FLOIR to give testimony and produce documents concerning their reinsurance program, their relationships to risk modeling companies, insurance rating organizations or companies and insurance trade associations.  The subpoena calls for the testimony to take place on January 15-16, 2008. 

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On October 9, the Connecticut Attorney General (the “CT AG”) filed a Complaint against Guy Carpenter and Excess Reinsurance Inc.  The Complaint is 107 pages long and contains numerous highly-disputed allegations about the structure of the reinsurance markets over the last fifty years as well as hotly contested claims about the activities of the participants in certain reinsurance facilities. 

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On September 24, 2007, the Hon. Judge Kenneth Stern issued an Order denying defendants’ (insurance brokers and insurers) motion to dismiss an insured’s second amended complaint (the “Complaint”). 

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