Ernst & Young News

IncubEx, Led by Industry Veteran Eckert, Buys UK Insurtech Platform Insurwave

IncubEx Inc., a Chicago-based company that is chaired by industry veteran Neil Eckert and designs and develops new financial products in global environmental, climate risk and related commodity markets, announced the acquisition of Insurwave Ltd. Insurwave is an insurtech platform …

EY Fined $4.8M by UK Accounting Watchdog Over Audit of Transport Firm Stagecoach

Britain’s accounting watchdog said on Wednesday it has fined Ernst & Young LLP 3.5 million pounds ($4.80 million) over the audit of transport firm Stagecoach Group’s financial statements in 2017. The Financial Reporting Council (FRC) said Mark Harvey, the auditing …

British Court Awards $11 Million to EY Whistleblower Who Exposed Money Laundering

A British court awarded $11 million in damages and expenses on Friday [April 17] to a former partner at global accounting firm Ernst & Young who exposed money laundering at a major gold refinery in the United Arab Emirates. Amjad …

Changing Employee Demographics Push Insurers to Focus on Strategic Recruitment

With nearly 400,000 employees expected to retire from the insurance industry workforce within the next few years, according to the U.S. Bureau of Labor Statistics, its incumbent on carriers to consider the ways in which they communicate with and recruit …

P/C Insurers Told ‘Fresh Approach’ Needed to Face Coming Disruption

U.S. property/casualty insurers should expect disruptive changes in a number of areas in 2016, including technology, pricing, customer demand, and “heightened regulatory creep,” consultant Ernst & Young said in a new report. “Insurers that stay ahead of these shifts should …

Washington Jury Finds Auditors Liable for $10M in Madoff losses

A Seattle, Wash. jury has found of Ernst & Young liable for half of more than $20 million lost by a Washington investment company in the wake of Bernie Madoff’s multi-decade investment scam. FutureSelect Portfolio Management attorney Steven Thomas said …

Jury Finds Ernst & Young Liable for Faulty Madoff Audits

Ernst & Young LLP was found liable by a jury for its failure to vet financial audits backed by con man Bernie Madoff’s accountant in the first trial of an auditor over losses tied to the biggest Ponzi scheme in …

TWFG Founder Named Gulf Coast Entrepreneur of the Year

Richard “Gordy” Bunch, founder, president, and CEO of The Woodlands Financial Group (TWFG) has been nominated Gulf Coast Entrepreneur of the Year by Ernst & Young, making him eligible for the 2015 national award. The Entrepreneur of the Year program …

More Top Executives Say Bribes for Business Acceptable

A growing number of senior executives around the world are willing to pay bribes to win or keep business, as the hunt for growth supersedes concerns over ethics and regulatory fines, according to a survey published on Wednesday. Ernst & …

Fund Lawsuit in New York Against Madoff Auditor Dropped

The liquidators of a fund that once funneled money to the now-imprisoned swindler Bernard Madoff have dropped a $900 million lawsuit accusing Ernst & Young LLP of negligence, professional malpractice and breach of contract. Ernst & Young had been challenged …