FSA bans four for reinsurance scam

Two underwriters, John Hubert Whitcombe and Christopher Reginald Colin Henton, and two brokers, Jeffrey Ronald Butler and Nicholas Brown, funnelled loss making business to Sphere Drake in the 1990s. The FSA says the four deliberately passed business to Sphere Drake which would inevitably result in losses for the firm. The firm received claims of over $250m (£125m) as a result of 112 contracts received through firms the four worked for. Sphere Drake brought the case to court in 2003 and the four were found to have been dishonest and had also given untruthful evidence at the trial. The...