Insurer Settles Antitrust Suit With Texas For $2.1M

Law360, New York (April 13, 2007, 12:00 AM EDT) -- A Bermuda-based casualty insurance company, which was formed by the chairman of a rival insurer American International Group, has agreed to pay $2.1 million to settle antitrust claims brought by the Texas attorney general.

The state sued Allied World Assurance Company Holdings and its subsidiaries over allegations that the insurer agreed not to compete for business with its ostensible competitor and founder, American International Group.

The complaint, filed Thursday in the Travis County District Court in Texas, alleged that from its inception in late 2001 to...
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