Connecticut Attorney General Richard Blumenthal reached a $1.3 million settlement with The Hartford Financial Services Group Inc., resolving claims that its now defunct subdivision, Hart Re Co., participated in several anticompetitive schemes that illegally inflated insurance and reinsurance costs nationwide.
The Hartford settlement stems from Blumenthal's ongoing litigation against Guy Carpenter & Co. LLC. In 2007, Blumenthal sued Guy Carpenter for orchestrating a series of alleged conspiracies with dozens of reinsurers that illegally inflated costs for insurance companies and consumers nationwide. In some cases, according to Blumenthal, prices rose by 10% to 40% over the course of several decades. The Hartford participated, as a reinsurer, through its subdivision, Hart Re Co., in several of the conspiracies beginning in 1986 until 2001.
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