Insurance Probe Rattles Stocks By Aleksandrs Rozens and Joseph Giannone NEW YORK (Reuters) - An investigation into U.S. insurers and brokers rattled insurance industry stocks for a second day on Friday as investors, shaken further by subpoenas delivered to the top U.S. life insurer, struggled to gauge how deep the probe might reach. Marsh & McLennan Cos. (MMC.N: Quote , Profile , Research ) , the world's biggest insurance broker, said on Friday it would suspend a controversial practice that is at the heart of the case. Marsh was sued by New York Attorney General Eliot Spitzer on Thursday for steering unsuspecting clients to certain insurers in exchange for lucrative payoffs. Under the practice, known as market services agreements or contingent commissions, insurers pay brokers to steer business their way. Though the practice is not illegal when disclosed, Spitzer charged Marsh with collecting the payments by rigging bids and fixing prices that inflated costs for clients. Marsh's move to end the practice did little to help its shares, which plunged an additional 16 percent on Friday after losing nearly a quarter of their market value, or some $6 billion, on Thursday. American International Group Inc. (AIG.N: Quote , Profile , Research ) , the biggest U.S. insurance company, which was mentioned in the suit, said on Friday its top executives were not involved in price fixing of insurance products. MetLife Inc. (MET.N: Quote , Profile , Research ) , the No. 1 U.S. life insurer, said on Friday it had received two subpoenas from Spitzer's office requesting information about how it compensated brokers for life insurance group business tailored for corporations. MetLife said the first of these subpoenas was announced in June and the latest was delivered within recent weeks. The MetLife announcement appears to show that Spitzer's inquiry goes beyond property and casualty providers. Spitzer's probe is also likely to lead to a wave of shareholder lawsuits. Individual investors filed separate federal lawsuits against AIG and Marsh & McLennan on Friday. Both cases claim the companies violated their fiduciary duties. The continued fallout stung several industry stocks for a second day. Marsh & McLennan shares lost $5.65 to $29.20, while AIG shed $2.15 to $57.85 after hitting a new 52-week low of $55.80 earlier in the day. 'A BLACK HOLE'     Continued ... Quelle "Insurance Probe Rattles Stocks" : reuters.com Main page for "Insurance Probe Rattles Stocks"