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.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.