A former managing director of Marsh & McLennan. and two officials of an AIG underwriting unit have pleaded guilty to criminal charges in relation to the New York attorney general's investigation of fraud and bid-rigging.
Former Marsh managing director Joshua Bewlay was responsible for excess casualty placements in the company's global broking unit in New York. He appeared in a New York courtroom on Tuesday to plead guilty to a felony fraud charge.
Also pleading guilty to a felony charge was John Mohs, a manager at AIG's American home assurance unit.
Carlos Coello, an American home underwriter, pleaded guilty to a misdemeanour fraud count.
All three were accused of participating in an alleged Marsh scheme to rig renewal bids in favour of incumbent insurers by producing deliberately inflated competing quotes, known within Marsh as "B quotes."
Bewlay and Mohs face up to four years in prison on the charges, while Coello faces a maximum of one year.
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