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Company: Metropolitan Property & Casualty Co.
Current Parent Company:
Zurich Insurance
Parent at the Time of the Penalty Announcement:
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Recap of Ownership Changes:
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Penalty: $3,167,173
Year: 2019
Date: April 3, 2019
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Violation Description: Metropolitan Property & Casualty Co. agreed to pay over $1.3 million in settlement of allegations it mischaracterized Hurricane Katrina wind damage as flood damage to avoid having to pay out on insurance policies, which caused the state to pay extra financial assistance.
Level of Government: state
Action Type: agency action
Agency: Mississippi Attorney General
Civil or Criminal Case: civil
Facility State: Mississippi
HQ Country of Current Parent: Switzerland
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: insurance
Source of Data:
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the
Update Log.