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News focus - PWS brokers bailed until April following London January arrests.
(From Reinsurance)
January's raid on Lloyd's broker PWS by the UK's Serious Fraud Office is believed to have stemmed from allegations that the company held public monies for improper payments.
The company, which has since revealed it brought these allegations to the attention of the UK regulator itself, saw four of its executives arrested on 30 January 2007, a number of them at their homes. The suspects were not named, and have been bailed until April.
Stephen Card, group managing director of PWS, said: "PWS is co-operating fully with the inquiry."
The allegations centre around the placement of a facultative reinsurance on behalf of Costa Rica's state-owned monopoly insurer, Insituto Nacional de Seguros (INS), relating to the property insurance of Costa Rican state-owned electricity and telecoms utility Insituto Nacional de Electricidad (ICE).
The policy entailed the placing of a 98% share of the local policies in ...
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