Chubb Settles Commission Probe for $17M

The Chubb Corp. announced Thursday that it entered into a $17 million settlement agreement with attorneys general of New York, Connecticut and Illinois to resolve allegations made during an industry-wide probe into contingent commissions. Chubb said that state investigators and an independent review by Stier Anderson LLC did not conclude that Chubb participated in illegal bid-rigging in the excess casualty insurance market, but acknowledged that "it appears to have unknowingly benefited from the bid-rigging activities of others in the excess casualty market which may have provided Chubb wi...