Willis has agreed to pay $50m into a restitution fund to settle US investigations into its business practices.
The agreement comes hot on the heels of similar settlements from Marsh and Aon.
The broker will pay $50m back to clients who were unfairly charged contingent commissions.
The investigations have uncovered market abuses in its wholesale arm and reinsurance tying and steering.
In 2003 Willis devised a centralised approach, designed to consolidate its negotiating strength with insurers and strike contingent commission arrangements based on profit or volume over-riders.
According to Spitzer, Willis also used its wholesale arm Stewart Smith “thereby gaining a second commission when Willis could have directly placed the business for a single price”.
Under the settlement, Willis has until 31 July 2005 to calculate a formula to compensate its US policyholder clients whose business was included in “contingent commissions or overrides recorded by Willis between 1 January, 2001 through 31 December, 2004”.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
