Lloyd’s Broker Charged by UK Over Alleged Ecuador Bribes (1)

UK fraud cops have charged an insurance broker with bribery, after a four-year probe into alleged corruption involving state-run insurance contracts in Ecuador.

The Serious Fraud Office accused United Insurance Brokers Ltd. of failing to prevent associates from bribing state officials, according to a statement on Thursday. Representatives of the firm, which is a registered broker at the Lloyd’s of London insurance market, will appear at a London court on May 7 to hear the charges.

UIB sold reinsurance services to state-backed insurers covering parts of the Ecuadorian public sector, including the state water and electricity companies between 2013 and ...