Three more individuals, one from Marsh and two from AIG, are the latest to face possible jail terms after pleading guilty to criminal charges arising from the investigations of New York Attorney-General Eliot Spitzer.

Former Marsh senior VP and Global Broking MD Joshua Bewlay pleaded guilty to a felony fraud charge, while John Mohs and Carlos Coello, executives at AIG’s American Home Assurance, pleaded guilty to fraud.

The three men were accused of rigging renewal bids in favour of incumbent insurers by producing inflated competing quotes – which were known to Marsh insiders as “B quotes”.

The Spitzer investigation has so far produced nine guilty pleas.