Arthur J. Gallagher & Co. on Tuesday received a subpoena from the Connecticut Attorney General requesting information concerning possible violations by the company of the Connecticut antitrust laws in connection with the solicitation of bids for insurance. Gallagher intends to cooperate fully.
J. Patrick Gallagher Jr., president and CEO, stated that Gallagher will not participate as a retail broker in volume-based or profit-based contingent commission agreements effective Jan. 1, 2005. In addition, when allegations of bid rigging and price fixing recently came to light at Marsh, management retained independent counsel to perform an internal review.
While the review is at an early stage, management reportedly has no knowledge that Gallagher has engaged in any improper practices.
Topics Connecticut
Was this article valuable?
Here are more articles you may enjoy.
Tennessee Approves Smallest Drop in Workers’ Compensation Costs in Years 
Viewpoint: Insurance Broker Valuations – The Elephant in the Room 
Axios Software Tool Used by Millions Compromised in Hack 
A Little Behind Schedule, But Execs Say Sypher Insurance is on Track for May Debut 
