Administration December 11, 2004

Zurich Employees Suspended after Internal Probe

November 12, 2004 (PLANSPONSOR.com) - Zurich Financial Services has suspended several workers after investigating its relationship with Marsh & McLennan - itself a key target of a wide-ranging probe into potential insurance industry wrongdoing.

Reported by

Fred Schneyer

A statement posted to Zurich’s Web site said the suspended workers were in the Excess Casualty underwriting unit in the Specialties Business of Zurich North America Commercial.

The company revealed that New York state Attorney General Eliot Spitzer had subpoenaed information as part of Spitzer’s industry-wide investigation into contingent commissions and possible bid-rigging. Zurich said it is cooperatinig in the probe.

“The Group’s business relationship is built on ethical values as articulated in the ‘Zurich Basics’,” Zurich said in its statement. “These values do not condone improper behavior, and Zurich will take action wherever such behavior has been found.”