State alleged that from 2001 through 2004, Liberty Mutual conspired with Marsh, AIG, ACE, Zurich and other insurers to leverage Marsh’s significant market share in the excess casualty insurance market in
particular to rig bids and raise premium prices on insurance contracts. Where Liberty was the incumbent carrier, Marsh sought to protect Liberty Mutual by seeking out non-competitive bids – bogus, phony bids
– from other insurers so that Liberty Mutual could keep the business. Where Liberty Mutual was not the incumbent, it also agreed to provide non-competitive bids in order to protect other incumbent carriers – with the understanding that it would receive future
business from Marsh. Liberty Mutual settled in 2010 for $2 million.