Independent FD unaware of contracts
Two executive directors of Independent Insurance, including FD Dennis Lomas, have said they knew nothing about the reinsurance contracts which are thought to have caused the collapse of the insurance company.
Two executive directors of Independent Insurance, including FD Dennis Lomas, have said they knew nothing about the reinsurance contracts which are thought to have caused the collapse of the insurance company.
Lomas and deputy managing director Philip Condon issued a joint statement yesterday claiming they had not been told about the purchase of contracts that are alleged to have sparked the crisis.
It is believed the size of the contracts cancel out the benefits of another reinsurance contract taken out to bolster Independent’s reserves.
The directors’ statement came as provisional liquidators from PricewaterhouseCoopers appointed new external actuaries to replace Watson Wyatt.
Speculation over the state of the company, which is audited by KPMG, began following work by Watson Wyatt which revealed huge losses arising from claims that had not been entered into the company’s accounting system.
The actuary had previously provided Independent’s actuarial certificate, and KPMG had signed off its 2000 accounts.
City watchdog the Financial Services Authority on Monday brought in the SFO to find out how a company that was once a City favourite and worth as much as £1bn in December, is now teetering on the brink.
Links
SFO called to probe Independent
Liquidators appointed at Independent
The numbers you crunch tell a story. Your expertis...
23yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articlePharma and life sciences companies should act now to prevent impact on drug production capabilities and business viability Read More...
View article476,000 UK SMEs will need an ESG plan in the next few years. Is your firm ready to support them? Read More...
View articleGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View article