Keyword Analysis & Research: independent insurance company collapse

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What happened to independent insurance company?

Victims of one of the UK’s biggest corporate scandals of the 2000s have finally been awarded a payout — 16 years after the company went bust. Independent Insurance Company, which at one point was worth almost £1bn, was declared insolvent in 2001, leaving thousands of customers out of pocket.

How did the insurance company become insolvent?

In early 2000, after increase in size of the business, it was determined that the insurance company's solvency was marginal, and a small asset price change could see the insurance company become insolvent. It did. Director Rodney Adler, CEO Ray Williams and others were sentenced to prison for fraudulent activity.

What happened to independent?

On 17 June 2001, the Directors of Independent presented a petition to the High Court for the winding-up of the company on the basis that Independent was insolvent and could not pay its liabilities in full.

Should the PPB leap into action when an insurer collapses?

The PPB, funded by a levy on the insurance industry, should leap into action as soon as an insurer collapses, but so far it has managed only a crawl. The insurance industry, it seems, has left the PPB severely under-resourced to deal with a disaster of this magnitude.

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