The St. Paul, Minnesota-based St. Paul Travelers Cos. revealed the Spitzer information and document demand in a US Securities and Exchange Commission filing . The company vowed to cooperate fully with the request.
The latest subpoena seems to be part of an industrywide investigation as well. Earlier this month, Connecticut-based insurer The Hartford received a similar subpoena from Spitzer, as well as a request for information about variable annuities (See Spitzer Hits Hartford with Second Annuity Subpoena ).
Last October, Spitzer issued a subpoena seeking documents relating to the conduct of business between St. Paul Travelers and insurance brokers as part of an industrywide probe that started with Spitzer suing Marsh & McLennan Cos. for alleged bid rigging and using incentive fees to control commercial insurance sales (See MMC Settles ‘Shameful’ Bid-Rigging Case ).
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