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The Honolulu Advertiser

Updated at 11:00 a.m., Monday, December 31, 2007

Hawaii part of settlement with Travelers Cos.

Advertiser Staff

The state of Hawai'i is one of 10 states that have reached a settlement with The Travelers Companies Inc., which entered the agreement to resolve allegations of improprieties in the commercial insurance market.

The state of Florida announced Travelers will pay $6 million to the states and had agreed to a final judgment that will include comprehensive injunctive relief and a disclosure of how much Travelers pays to insurance brokers.

Florida said Travelers allegedly conspired with Marsh & McLennan and other brokers to create an illusion of a competitive bidding process.