Offshore insurance giant settles regulatory probe

Bermuda’s largest publicly-listed insurer has agreed to pay $80 million to settle allegations that it engaged in bid-rigging and improper reinsurance transactions.New York Stock Exchange-listed ACE Ltd., which is headquartered in Bermuda, although it is domiciled in the Cayman Islands, also issued a public apology as part of yesterday’s settlement with New York State Attorney General Eliot Spitzer and New York State Insurance Superintendent Howard Mills, Connecticut Attorney General Richard Blumenthal and Illinois Attorney General Lisa Madigan.