On Apr. 17, UK SFO stated UK insurer charged with bribery in Ecuador.
UK SFO accused a UK insurance company of failing to prevent international bribery.
Case Summary
Representatives of United Insurance Brokers Limited (UIBL) were ordered to appear before Westminster Magistrates’ Court in May 2025 after firm was charged with failing to prevent its associates bribing state officials in Ecuador from Oct. 2013 to Mar. 2016.
UK SFO alleges that UIBL’s US-based intermediaries for Ecuador had, during that period, paid out bribes in return for awarding re-insurance contracts worth US$38 mn.
UIBL offered re-insurance services which insure against any losses caused by making significant and unexpected payouts for insurance policies, sold to the state insurers covering parts of Ecuadorian public sector, including State water and electricity firms.
UIBL received US$6.2mn commission for it, with US$3mn allegedly paid to US broker.
If this case does proceed to a contested trial, it will then be the first time that a UK SFO failure to prevent bribery case is heard before a jury, setting potential precedent.
Comment
Director of the Serious Fraud Office, Nick Ephgrave QPM, commented that UK SFO does remain committed to stamping out any international bribery, wherever it may occur.
British companies have a duty to prevent harm caused by bribery when doing business at home and abroad, to ensure the UK remains a safe and fair place to do business.
Next Steps
Representatives of the company will appear before Westminster Magistrates’ Court, on Wednesday May 7, 2025, to face charges related to preventing international bribery.
They are accused of paying bribes to an Ecuadorian official in exchange for a contract.
