Zurich Financial Services announced Monday that it has reached a $153 million agreement with regulators in New York, Illinois and Connecticut to resolve allegations of bid-rigging and improper finite reinsurance transactions.
The company agreed to pay $88 million in restitution to policyholders and $65 million in fines. New York will get $39 million in fines, while Connecticut and Illinois will get $13 million each.
The settlement also has the effect of increasing by $29.9 million the recovery consumers will receive as part of a separate multi-state settlement that Zurich announced last...
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