UK’s Independent Insurance Execs Get Jail Terms for Fraud

October 25, 2007

  • October 26, 2007 at 5:02 am
    Gerogio Kopaloadadis says:
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    A good illustration of poor governance, Sales dominance over professional Underwriters & Actuaries & too much too soon i.e. no years of consolidation.

    Under reserving, heading into a soft market,Budgets driven by a Sales team based in theoretical aspects, writing risks in new areas without a track record & ignoring Actuaries & Underwriter empirical budget & loss predictions played it’s part.

    There were some good underwriters at this company, unfortunately some got caught in the sales drive driven by the attraction of higher than market salaries, but long hours.

    Lets hope their sales people now re-employed elsewhere have learned a lesson?; if not thank heavens for the FSA, the Independent was perhaps the catalyst to their existence

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