Big Blow Dealt to Powerful Insurance Company
Zurich American Insurance Co., the third-largest underwriter in the U.S., has agreed to pay $171 million to nine different states for bid-rigging and price-fixing, with Massachusetts being one of those states. This is another example of a powerful insurance company profiting at the expense of others.
In my personal injury practice I see insurance companies constantly trying to increase their coffers at the expense of the less powerful. It is refreshing for me to see a powerful behemoth such as Zurich be faced with such penalties for clearly intolerable behavior. Here is a link to the full text of the article from the Boston Globe.