Marsh & McLennan Cos., the world’s biggest insurance broker, agreed to pay $850 million in restitution to end an investigation into bid rigging, price fixing and the use of hidden incentive fees.

New York-based Marsh & McLennan Companies Inc. will provide $850 million over four years to policyholders hurt by the conflicts of interest and will change its practices. The company will also issue a public apology and promise to adopt reforms.

The company neither admitted nor denied the allegations in the Oct. 14 complaint by New York Attorney General Eliot Spitzer. The attorney general accused Marsh of colluding with American International Group Inc. and other insurers to fix prices.

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