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The Florida Department of Financial Services said Oct. 25 that Florida and several other states reached a settlement with ACE Ltd. subsidiary ACE Group Holdings Inc. and its units.
The FDFS said that the company was involved in a "pay to play" tactic used with Marsh & McLennan Cos. Inc. and other insurance brokers.
Pursuant to the settlement, ACE and its units will pay a multistate task force $4.5 million to resolve allegations of bid rigging and price fixing in the commercial insurance market, which resulted in higher premiums being paid by Florida governmental entities, companies and nonprofit organizations.
ACE also agreed to a consent decree and final judgment in Leon County Circuit Court.
Hawaii, Maryland, Massachusetts, Michigan, Oregon, Texas, West Virginia and the District of Columbia also participated in the investigation and settlement.
Copyright SNL Financial LC Oct 29, 2007