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October 15, 2004

US insurance sector corrupt, says Spitzer

Eliot Spitzer, the battling New York attorney general who took on Wall Street, yesterday turned his sights on the insurance industry, accusing it of widespread corruption.

The allegations were made in a lawsuit filed against the largest insurance broker in the United States, Marsh & McLennan. The suit also names some of the biggest insurers, including Chubb, American International Group, ACE, Hartford Financial Services and Munich Re, and Mr Spitzer said separate civil or criminal actions could be pursued against each of them.

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Posted by Tom Troceen