Zurich Financial Services (Zurich) said today it has suspended “several employees” following a review of its business practices and relationship with brokerage giant Marsh.
The company said it has been conducting a review of certain business practices with insurance brokers, assisted by external counsel of LeBoeuf, Lamb, Greene & MacRae. This review process, which the company said “includes a careful look at Zurich’s relationship with Marsh & McLennan as a result of the recent complaint filed against Marsh by the Office of the New York Attorney General,” has led to the suspension of several employees of the excess casualty underwriting unit in the Specialties Business of Zurich North America Commercial.
Like many other companies in the industry, Zurich has been subpoenaed by the Office of the New York Attorney General to provide information as part of an industry-wide investigation. Zurich said it is complying with that request and it will continue to cooperate with the Office of the Attorney General.
The company said that its group’s business relationship is built on ethical values as articulated in the “Zurich Basics” which do not condone improper behavior. Zurich said it will take action wherever such behavior has been found.
Zurich Financial Services is an insurance-based financial services provider with a global network that focuses its activities on its key markets in North America and Europe.
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