Insurance Probe Drives Down Stocks By Aleksandrs Rozens and Joseph Giannone NEW YORK (Reuters) - Top U.S. life insurer MetLife Inc. (MET.N: Quote , Profile , Research ) said on Friday it had received several subpoenas from New York Attorney General Eliot Spitzer, in a sign that a probe into alleged rigging of bids in exchange for fat fees in the insurance industry is widening. The disclosure was among a series of developments related to the investigation, which has shaken the entire insurance world and is already triggering changes in the way business is done. Marsh & McLennan Cos. (MMC.N: Quote , Profile , Research ) , which was sued by Spitzer on Thursday for steering unsuspected clients to certain insurers and reaping huge fees as a result, announced on Friday it was replacing the chief executive of its Marsh Inc. insurance brokerage unit. It also said it would suspend a controversial practice that is at the heart of the case. Investors' fears about the extent of the investigation drove down the shares of insurers and insurance brokers for a second day. Tens of billions of dollars of market value in insurance industry stock has been wiped out since the Spitzer probe was disclosed on Thursday. Shares of Marsh, the world's biggest insurance broker, shares dropped 16 percent, or $5.65, to $29.20. They have now declined 37 percent in two days, wiping out a total of nearly $9 billion in market value. MetLife said on Friday it had received a series of four subpoenas from Spitzer's office, of which only one was previously disclosed back in June. Two of the more recent subpoenas seek information about whether MetLife has provided or is aware of fictitious or inflated bids. The MetLife announcement indicates that Spitzer's inquiry goes beyond property and casualty insurance providers. Meanwhile, an executive of Bermuda-based insurer ACE Ltd. (ACE.N: Quote , Profile , Research ) on Friday pleaded guilty to a felony charge connected to Spitzer's investigation. Patricia Abrams, an assistant vice president at ACE, pleaded guilty to a charge of "combination in restraint of competition," according to a spokeswoman at Spitzer's office. That follows guilty pleas to "scheme to defraud" charges by two executives at American International Group Inc. (AIG.N: Quote , Profile , Research ) on Thursday. AIG, the biggest U.S. insurance company to be mentioned in the suit, said on Friday its top executives were not involved in price fixing of insurance products. But Spitzer's probe triggered shareholder lawsuits against both Marsh & McLennan and AIG on Friday, and more are expected. One of the suits against Marsh alleged it breached federal securities laws by issuing false and misleading statements. AIG shed $2.15 to $57.85 after hitting a new 52-week low of $55.80 earlier in the day.     Continued ... Quelle "Insurance Probe Drives Down Stocks" : reuters.com Main page for "Insurance Probe Drives Down Stocks"