Former Marsh exec pleads guilty to bid-rigging

Business Insurance Daily News
by Matt Scroggins
www.BusinessInsurance.com
Posted Feb. 24, 2005


NEW YORK—Another former senior executive at Marsh Inc. has pleaded guilty to criminal charges brought in conjunction with New York Attorney General Eliot Spitzer's investigation of the brokerage.

A spokesman for Mr. Spitzer's office said that Kathryn Winter, a former broker and managing director at New York-based Marsh, admitted that she instructed insurers to submit non-competitive bids for insurance business during a period from 2001 to 2004.

The fraud guilty plea was entered before Justice James Yates in New York County Supreme Court, according to a statement from Mr. Spitzer's office.

A spokesperson for Marsh parent Marsh & McLennan Cos. Inc. noted that Ms. Winter resigned earlier this year from the broker's excess casualty unit.

Mr. Spitzer sued MMC and its brokerage unit in October, charging the company with rigging bids and steering clients to insurers paying it the highest contingent commissions.

Mr. Spitzer's investigation had previously produced nine guilty pleas, including two individuals from Marsh, four from a unit of American International Group Inc., one from an ACE Ltd. unit and two executives of Zurich American Insurance Co.


Copyright 2005 Business Insurance Daily News
(www.BusinessInsurance.com)





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