HSBC will take legal action to recover £4.3m loaned to Independent Insurance chief executive Michael Bright.
Bright is believed to have taken out the loan late last year.
He used his 6.8% shareholding in the company as security, but these shares are now considered worthless following the company's liquidation and he has repaid only £5,000 of the loan.
HSBC has retained legal firm Eversheds to act for it in the case and confirmed it is asking Bright for £850 a day in interest but would not comment further on the action.
HSBC took a number of blows from Independent's crash: its investment arm was an adviser to the insurer and HSBC Asset Management owned a 4% shareholding in the company.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
