The New York-based insurance broker Willis Group Holdings said Thursday that it is ending the practice of accepting contingency payments from insurers.
The company also said an internal review done in the course of responding to subpoenas from the New York attorney general had found no evidence of bid-rigging or "tying" placements of business with insurers to sales of treaty reinsurance services.
The big brokerage said it will discontinue contingency agree-ments in North America immediately. Willis also said it would discontinue contingency agreements in the other countries where it operates, with the intention of unwinding them as soon as possible and by yearend at the latest.
The company said that market agreements had been expected to generate about $160 million of revenue worldwide this year. Of this amount, about $35 million was expected from North America.
