Posts Tagged ‘ Gallagher ’

$150M Zurich Insurer Settlement…by the numbers

September 11th, 2009. By AbiK

Racking up the numbers in the Zurich & Gallagher insurer settlementHere’s the down and dirty on the insurer price fixing class action settlement imposed on Zurich Financial Services and Arthur J. Gallagher & Co.—the settlement was upheld on Tuesday after going through an appeal process stemming from the original 2006 settlement ruling. The upheld settlement was reported on in the NJ Law Journal.

[By the way, if you want to read about Zurich's history with price fixing, see previous Zurich articles here]

Settlement Amount:

$150 million, plus $29.9 million in legal fees and costs, paid by the insurance companies as follows:

$122 million to be paid by Zurich Financial Services

$28 million to be paid by Gallagher & Co.

$29.9 million to be paid separately by Zurich to plaintiffs’ lawyers

Who Gets the Settlement Money:

3.79 million potential class members–maybe more, according to estimates

How’s the Settlement Money’s Divided:

51.7% goes to Zurich policyholders who bought excess casualty insurance from 2001 to 2004

33.9% to policyholders who bought other lines of insurance or excess policies at other times

9% to non-policyholders who were affected by the alleged wrongdoing

States party to the Settlement Agreement:

10…California, Florida, Hawaii, Maryland, Massachusetts, Oregon, Pennsylvania, Texas, Virginia, West Virginia

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