Bermuda-based AXIS Capital Holdings Limited announced that its U.S. operating subsidiaries have received subpoenas or requests for information from various state insurance regulators regarding incentive commission agreements, fictitious and inflated quotes, tying and related issues.
“These inquiries are part of industry-wide investigations in these jurisdictions and we understand that officials from other jurisdictions in which we do business have also initiated investigations into similar matters,” the bulletin said.
The company also indicated that it could well “receive additional subpoenas and requests for information.” It added that its President and CEO John Charman has previously stated that the company “intends to continue to fully cooperate with these and any future inquiries and that AXIS Capital does not believe that it has engaged in the improper business practices that are the focus of the inquiries.”
AXIS Capital is a global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity currently in excess of $3 billion. It was formed in 2001 following the Sept. 11 attacks by Marsh’s Trident II investment fund, Credit Suisse/First Boston, The Blackstone Group, J.P. Morgan and Thomas Lee Partners.
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