Professional Indemnity (PI) News

BHSI Introduces D&O Liability, Professional Indemnity Policies in Dubai, Middle East

Berkshire Hathaway Specialty Insurance (BHSI) announced it has developed proprietary directors & officers (D&O) liability and professional indemnity (PI) policy wordings for customers in the UAE and throughout the Middle East. “Companies in the Middle East are increasingly concerned about …

Beazley Expands Life Sciences Insurance Offering in UK

Specialist insurer Beazley has enhanced its life sciences insurance offering in the UK with the launch of a new policy designed to protect the sector’s small and start-up research & development-focused organizations. This follows the UK launch of Beazley’s internationally …

Former Wirecard Executive Marsalek Placed on Interpol’s Most Wanted List

Former Wirecard AG executive Jan Marsalek was added to Interpol’s red notice list, sparking a worldwide manhunt for one of the executives allegedly at the center of a multibillion-euro accounting scandal at the fintech company The move alerts police worldwide …

Germany to Reform Regulation of Insurers, Banks, Payment Firms on Wirecard Scandal

German Finance Minister Olaf Scholz intends to unveil a reform of the government’s financial oversight, as the widening scandal over the collapse of Wirecard AG reaches the highest levels of Chancellor Angela Merkel’s government. Scholz’s 16-point “action plan” would install …

German Prosecutors Arrest Ex-Wirecard Execs on Suspicion of Running Criminal Racket

German prosecutors arrested three former top executives of Wirecard on Wednesday, saying it suspected them of masterminding a criminal racket to fake the company’s accounts and bilk creditors of billions of euros. Former Chief Executive Markus Braun, already a suspect, …

Wirecard Hires Forensic Investigator, Say Sources. Findings Could Aid in D&O Litigation.

German payments company Wirecard has hired Alix Partners for a forensic investigation of the accounting scandal that led to its collapse, people close to the matter said. The blue-chip company filed for insolvency last month, owing creditors almost $4 billion …

UK Watchdog Urges Big 4 Accounting Firms to Challenge Clients as Audit Quality Slides

The dominant accounting firms must do a better job of challenging their clients in order to reach a satisfactory level of audit quality, the industry’s UK watchdog said. The so-called Big Four — KPMG, Deloitte, Ernst & Young and PricewaterhouseCoopers …

UK Accounting Watchdog Asks Big Four to Ring-Fence Audit Practices

The UK dominant accounting firms must separate their audit units from other businesses by June 2024 as the country’s accounting watchdog reacts to shortcomings that led to the collapse of several companies. The Financial Reporting Council is asking the so-called …

From Enron to Wirecard – Big 4 Accounting Firms Still Face Systemic Problems

Two decades of financial disasters from Enron Inc.’s collapse in 2001 to Wirecard AG’s meltdown have left the Big Four accounting firms facing a major cultural problem that regulators may struggle to resolve. The 1.9 billion euros ($2.1 billion) missing …

Accounting Fraud Pushes UK’s Patisserie Valerie into Insolvency

U.K. entrepreneur Luke Johnson’s efforts to save Patisserie Valerie failed as an accounting scandal pushed the bakery chain’s parent into insolvency, threatening as many as 2,800 jobs on Britain’s beleaguered shopping streets. Patisserie Holdings Plc appointed KPMG as administrator after …