Insurance bosses plead guilty

Another three US insurance executives have pleaded guilty to fraud charges stemming from an ongoing investigation into industry malpractice.

Two executives from American International Group (AIG) and one from Marsh & McLennan were the latest. The investigation by New York attorney general Eliot Spitzer has now obtained nine guilty pleas. The highest ranking executive pleading guilty on Tuesday was former Marsh senior vice president Joshua Bewlay.

He admitted one felony count of scheming to defraud and faces up to four years in prison. A Marsh spokeswoman said Mr Bewlay was no longer with the company. Mr Spitzer's investigation of the US insurance industry looked at whether companies rigged bids and fixed prices. Last month Marsh agreed to pay $850m (£415m) to settle a lawsuit filed by Mr Spitzer, but under the settlement it "neither admits nor denies the allegations".