Zurich Financial Services Group has agreed to pay $US153 million ($214 million) to settle allegations of bid-rigging and improper use of finite reinsurance to resolve investigations into its practices in the US market.

The insurer will pay $US88 million ($123.2 million) in restitution to excess casualty policyholders and $US65 million ($90.9 million) in fines to New York, Connecticut and Illinois.

CEO James Schiro says the agreements represent “significant progress” by Zurich in its efforts to resolve the uncertainty associated with some of the company’s past practices.

“This industry, like others before it, is undergoing a transformation, and these agreements will bring greater clarity to how Zurich will move forward to serve producers and customers in this new era of transparency,” he said.

“With our significantly enhanced compliance structure, and our company-wide commitment to ethical behavior and outstanding service, we have in place standards that promote the best interests of customers, agents, brokers and Zurich.”

Zurich’s three-state agreement comes hot on the heels of its $US171.7 million ($240.3 million) settlement connected with similar charges in nine other US states, $US151.7 million ($212.4 million) of which is intended for policyholder restitution.