新規更新January 03, 2019 at 06:38PM
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London United Investments
Jake Brockman: +Category:Bankruptcy in the United Kingdom; +Category:Insurance companies of the United Kingdom using HotCat
'''London United Investments''' PLC (LUIS) was a [[Lloyd's of London|Lloyd's]] insurance underwriter based in [[London]], [[United Kingdom]]. The company collapsed in 1990 in what was at the time the largest bankruptcy of an insurance company. London United Investments was a major player in the US casualty insurance market.
== Background ==
At the time of its collapse, London United Investments was the biggest insurer for US liability risks.<ref name=":0">Liquid error: wrong number of arguments (1 for 2)</ref> The company is thought to have faulted under pressure from mounting claims in the US market, which resulted in the then biggest insurance failure.<ref></ref>
LUIS's main insurance subsidiary, Walbrook, was stopped from trading by the [[Department of Trade and Industry (United Kingdom)|Department of Trade and Industry]] (DTI) due to lack of funding in March 1990. [[PricewaterhouseCoopers|Coopers & Lybrand]] were appointed as administrators. A joint investigation by the DTI and the [[Serious Fraud Office (United Kingdom)|Serious Fraud Office]] focussed on commission payments between Walbrook and HS Weavers, an underwriting agency that is also part of the LUIS group.<ref>Liquid error: wrong number of arguments (1 for 2)</ref>
Investigations by the DTI found that between 1970 and 1989 around GBP 40 Million were wrongfully diverted to accounts in Liechtenstein and other locations and there were indications of some benefits derived by named individuals, but the investigations were inconclusive and no charges were brought. The report, however, resulted in debates amongst LUIS reinsurers.<ref>Liquid error: wrong number of arguments (1 for 2)</ref>
The failure of LUIS caused some controversy in the UK as the source of the collapse was thought to be the US business which was underwritten in London and with subsequent claims on the UK Policyholder Protection Act, which the US businesses had not funded.<ref>Liquid error: wrong number of arguments (1 for 2)</ref><ref>Liquid error: wrong number of arguments (1 for 2)</ref>
== Notable individuals ==
Ronnie Driver - Director, CEO<ref></ref>
[[Prince Michael of Kent]] - Director<ref name=":0" />
== References ==
[[Category:Bankruptcy in the United Kingdom]]
[[Category:Insurance companies of the United Kingdom]]
== Background ==
At the time of its collapse, London United Investments was the biggest insurer for US liability risks.<ref name=":0">Liquid error: wrong number of arguments (1 for 2)</ref> The company is thought to have faulted under pressure from mounting claims in the US market, which resulted in the then biggest insurance failure.<ref></ref>
LUIS's main insurance subsidiary, Walbrook, was stopped from trading by the [[Department of Trade and Industry (United Kingdom)|Department of Trade and Industry]] (DTI) due to lack of funding in March 1990. [[PricewaterhouseCoopers|Coopers & Lybrand]] were appointed as administrators. A joint investigation by the DTI and the [[Serious Fraud Office (United Kingdom)|Serious Fraud Office]] focussed on commission payments between Walbrook and HS Weavers, an underwriting agency that is also part of the LUIS group.<ref>Liquid error: wrong number of arguments (1 for 2)</ref>
Investigations by the DTI found that between 1970 and 1989 around GBP 40 Million were wrongfully diverted to accounts in Liechtenstein and other locations and there were indications of some benefits derived by named individuals, but the investigations were inconclusive and no charges were brought. The report, however, resulted in debates amongst LUIS reinsurers.<ref>Liquid error: wrong number of arguments (1 for 2)</ref>
The failure of LUIS caused some controversy in the UK as the source of the collapse was thought to be the US business which was underwritten in London and with subsequent claims on the UK Policyholder Protection Act, which the US businesses had not funded.<ref>Liquid error: wrong number of arguments (1 for 2)</ref><ref>Liquid error: wrong number of arguments (1 for 2)</ref>
== Notable individuals ==
Ronnie Driver - Director, CEO<ref></ref>
[[Prince Michael of Kent]] - Director<ref name=":0" />
== References ==
[[Category:Bankruptcy in the United Kingdom]]
[[Category:Insurance companies of the United Kingdom]]
http://bit.ly/2RpILuV
