Major UK Insurance Brokers Under Investigation for Corruption
A US court filing had alleged that government officials in Ecuador were bribed millions of dollars between 2013 and 2017 to favor insurance brokers in securing business from a local fund.
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The Serious Fraud Office (SFO) in the UK is investigating five major insurance brokers, including Jardine Lloyd Thompson (JLT) and Tysers Insurance Brokers, over bribery and corruption suspicions in relation to historic conduct between 2013 and 2017, reports Insurance Business UK. The investigation, while not yet public, has been “in flow” for years and is said to be connected to a corruption investigation into Ecuadorian insurance fund Seguros Sucre. A US court filing had alleged that government officials in Ecuador were bribed millions of dollars between 2013 and 2017 to favor insurance brokers in securing business from Seguros Sucre. Tysers was quoted as saying: “We are cooperating with investigations in relation to historic conduct in respect of one former client in a specific territory. No charges have been brought against Tysers.”
