UK Serious Fraud Office (SFO) Charged United Insurance Brokers for Failure to Prevent Associates from Bribing Ecuador State Officials from 2013 to 2016 for $38 Million of Re-insurance Contracts, Earned $6.2 Million Commission with $3 Million Paid to Intermediaries, United Insurance Brokers Provides Re-insurance Services
18th April 2025 | Hong Kong
The UK Serious Fraud Office (SFO) has charged United Insurance Brokers for failure to prevent associates from bribing Ecuador state officials from 2013 to 2016 for $38 million of re-insurance contracts, and earning $6.2 million in commission with $3 million paid to intermediaries. United Insurance Brokers provides re-insurance services. UK SFO Statement 1 (17/4/25): “The SFO has charged UK insurance company United Insurance Brokers Limited with failure to prevent bribery. n April 2025, the SFO first announced an investigation into United Insurance Brokers Limited (UIBL), at the same time it was charged with failure to prevent bribery. UIBL is accused of failing to prevent associates from bribing state officials in Ecuador between October 2013 and March 2016. UIBL offered re-insurance services which insure against any losses caused by making significant and unexpected payouts for insurance policies.” UK SFO Statement 2 (17/4/25): “The Serious Fraud Office (SFO) today accused a UK insurance company of failing to prevent international bribery. Representatives of United Insurance Brokers Limited (UIBL) were ordered to appear before Westminster Magistrates’ Court next month. The company is charged with failing to prevent associates from bribing state officials in Ecuador between October 2013 and March 2016. The SFO alleges UIBL’s US-based intermediaries for Ecuador paid bribes in return for the awarding of re-insurance contracts worth US$38 million. If this case proceeds to a contested trial, it will be the first time that an SFO “failure to prevent bribery” case is heard by a jury. UIBL offered re-insurance services which insure against any losses caused by making significant and unexpected payouts for insurance policies. This was sold to state insurers covering parts of the Ecuadorian public sector, including the state water and electricity companies. UIBL received a US$6.2 million commission to provide these services, of which US$3 million was allegedly paid to intermediaries. They are accused of subsequently paying bribes to an Ecuadorian official in exchange for the contract. Representatives of the company will appear before Westminster Magistrates’ Court on Wednesday 7 May to face the charges.”
“ UK Serious Fraud Office (SFO) Charged United Insurance Brokers for Failure to Prevent Associates from Bribing Ecuador State Officials from 2013 to 2016 for $38 Million of Re-insurance Contracts, Earned $6.2 Million Commission with $3 Million Paid to Intermediaries, United Insurance Brokers Provides Re-insurance Services “
UK Serious Fraud Office (SFO) Charged United Insurance Brokers for Failure to Prevent Associates from Bribing Ecuador State Officials from 2013 to 2016 for $38 Million of Re-insurance Contracts, Earned $6.2 Million Commission with $3 Million Paid to Intermediaries, United Insurance Brokers
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