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London Insurer Fined £7.8 Million by UK Over Ecuador bribery

June 22, 2022, 11:00 AM

Marsh & McLennan Cos.’s Jardine Lloyd Thomson was fined £7.8 million ($9.6 million) by the UK’s financial regulator for failing to prevent bribery paid to win reinsurance contracts in Ecuador, in a case with links to London and the world’s biggest insurance market.

The Financial Conduct Authority penalized JLT Specialty Ltd. over historic bribery that took place before Marsh acquired the company. The case went far beyond Ecuador’s borders, with the reinsurance business ultimately placed in the Lloyd’s of London market.

JLT sought to broker the reinsurance of aviation insurance for Ecuador’s defense ministry, including over the reinsurance of ...