Arthur J. Gallagher disclosed the Department of Justice (DOJ) ended an investigation into the insurance broker’s business in Ecuador for potential violations of the Foreign Corrupt Practices Act (FCPA).
“During the fourth quarter of 2023, the DOJ informed us that it had closed its inquiry and would not be pursuing enforcement action against us in connection with this matter,” Gallagher said in a regulatory filing Friday.
The DOJ’s FCPA Unit began its probe into Gallagher during the second quarter of 2022, the company disclosed last year.
In November, the DOJ announced settlements with U.K.-based reinsurance brokers Tysers Insurance Brokers and H.W. Wood for violating the FCPA by paying bribes to Ecuadorian government officials. Tysers agreed to pay a $36 million criminal penalty and forfeiture of approximately $10.5 million, while H.W. Wood was assessed a $22.5 million penalty and approximately $2.3 million in forfeiture.
Nicole Argentieri, acting assistant attorney general in the DOJ’s Criminal Division, explained in a speech that month how a voluntary self-disclosure by fellow insurance broker Jardine Lloyd Thompson Group Holdings helped the agency put together its cases against Tysers and H.W. Wood.