Hilb Rogal & Hobbs Company (HRH), the eighth largest insurance and risk management intermediary in the US, has reached an agreement to pay more than $30 million to settle allegations that it steered clients to preferred insurance companies.

Folllowing an investigation conducted by the Connecticut State Attorney General’s office, HRH also agreed to improve its compliance and disclosure methods. The company was found to have steered clients to favored insurance brokers, who then illegally boosted commissions.

I firmly believe that this agreement serves the best long-term interests of our associates, clients and shareholders, said HRH Chairman and CEO, Martin Vaughan, III.