British reinsurers Tysers, H.W. Wood settle with DOJ over Ecuador bribes

Ecuador street

Two U.K.-based reinsurance brokers reached separate settlements with the U.S. Department of Justice (DOJ) addressing their participation in a wide-ranging scheme to pay bribes to Ecuadorian government officials.

Tysers Insurance Brokers and H.W. Wood each entered into a three-year deferred prosecution agreement (DPA) to resolve DOJ investigations into violations of the Foreign Corrupt Practices Act (FCPA), the agency announced Monday. Tysers agreed to pay a $36 million criminal penalty and forfeiture of approximately $10.5 million, while H.W. Wood was assessed a $22.5 million penalty and approximately $2.3 million in forfeiture.

However, H.W. Wood will only pay a $508,000 penalty and no forfeiture, based on its inability to pay, the DOJ said.

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