British reinsurers Tysers, H.W. Wood settle with DOJ over Ecuador bribes
By 
Kyle Brasseur2023-11-20T22:10:00
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.
Related articles
-
News BriefInsurance broker Gallagher off hook in DOJ FCPA probe
Arthur J. Gallagher disclosed the Department of Justice ended an investigation into the insurance broker’s business in Ecuador for potential violations of the Foreign Corrupt Practices Act.
-
News BriefTrafigura to reserve $127M for DOJ settlement over Brazil bribes
Singapore-based commodity trading company Trafigura said it will disclose a $127 million provision related to the resolution of a Department of Justice investigation into alleged improper payments made in Brazil by former employees.
-
PremiumDOJ cooperation credit breakdowns: Albemarle, Tysers, H.W. Wood
Nicole Argentieri, acting head of the Department of Justice’s Criminal Division, breaks down where Albemarle, Tysers Insurance Brokers, and H.W. Wood went right—and wrong—on the cooperation credit and remediation fronts as part of their FCPA settlements with the agency.
More from Regulatory Enforcement
-
PremiumU.K. prepares to prosecute firms under new Failure to Prevent Fraud rules
The U.K. will start cracking down on companies under the new Failure to Prevent Fraud law on Sept. 1, with the Crown Prosecution Service and Serious Fraud Office ready to enforce it.
-
ArticleTrump tries alternative approach on California air standards agency by alleging anti-white bias
The Trump administration has intensified its fight with California as the DOJ launched an investigation into whether the state’s environmental agency is violating federal law by pursuing racial equity.
-
ArticleCFPB makes move to stake a claim against bankrupt Synapse, the fintech software company
Synapse Financial Technologies, the troubled California fintech software provider, has agreed to let the Consumer Financial Protection Bureau (CFPB) eventually file a claim on its bankrupt estate.