Massive rise in UK directors' cover
Premiums for insuring UK company directors have soared by as much as 1000% in some cases, fuelled by the increasing number of lawsuits being filed both home and in the US.
Premiums for insuring UK company directors have soared by as much as 1000% in some cases, fuelled by the increasing number of lawsuits being filed both home and in the US.
Link: Three Wickes’ directors acquitted
A survey undertaken by Marsh, the world’s biggest insurance broker, found that the massive increase in director’s cover followed similar rises in the US on the back of multi-million lawsuits following the spate of accounting scandals headed by Enron.
Toby Foster, chief executive of Marsh’s UK retail operations, said any company that got away with a 100% increase should count themselves lucky, adding that increases of between 300% to 400% were more the norm, the FT reported.
At present, 15 former directors of Equitable Life are being sued for £3.5bn by the life insurer’s new board, while four senior executive of DIY chain Wickes spent £20m successfully defending themselves in a long-running case.
The numbers you crunch tell a story. Your expertis...
21yEmbracing 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 articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View article