A Bright Light On the Advisers at Independent ; City Spy
Evening Standard - London › October 25, 2007
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Summary
THE weighing off of Michael "Brighty" Bright has focused minds on Independent Insurance and the scale of his frauds there. Are we really to suppose the only people who knew what was going on were Bright, as chief exec, and two directors? The insurance company employed some of the City's best-known advisers. Didn't they have a clue? In 1995, 1996 and 1997, actuary Watson Wyatt's assessment was glowing.
"The technical provisions of the company...are soundly based in that overall they exceed our projection of the corresponding liability (net of reinsurance) based on past and current trends." In the 1998 report, the word "exceed" had disappeared. Watson Wyatt said the "total provisions...See the full content of this document
Extract
A Bright Light On the Advisers at Independent ; City Spy
make reasonable allowance for the cost of claims and direct ongoing expenses arising from policies written are consistent with our projection of the corresponding liabilities". In the 1999 report, published in March 2000, the wording moved again, t...
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