(Bloomberg) XL Capital said an internal review prompted by New York Attorney General Eliot Spitzer found no evidence that the company rigged bids or provided fake quotes to insurance brokers.

XL met with representatives of Spitzer?s office in January and no instances of improper conduct were uncovered, Chief Executive Officer Brian O?Hara said on a conference call with analysts.

Spitzer is investigating whether insurers and brokers colluded to stifle competition in the industry. He sued Marsh & McLennan Cos., the world?s largest insurance broker, in October, accusing the broker of collaborating with insurers to provide fake quotes to clients. Marsh, the only company sued, settled for $850 million on January 31, without admitting or denying Spitzer?s claims.

Shares of XL fell $2.38, or 3.1 percent, to $74.11 at 12:32 p.m. in New York Stock Exchange composite trading after the company reported lower-than-expected fourth-quarter profit.

The company said yesterday after the close of regular trading that it earned $298.1 million, or $2.07 a share, compared with a $304.7 million loss, or $2.29 a share in the year-earlier period.