Independent Insurance has suspended writing new and renewal business and has formally announced Michael Bright's resignation from the board with effect from Tuesday June 12.
An announcement from the company this morning said Independent's board and advisors were conducting a “thorough investigation into the appropriate level of technical provisions as well as into the reinsurance position”.
“Whilst the company investigates these options and clarifies its position, the board has taken the decision to temporarily suspend writing new or renewal business,” it said.
The announcement also confirmed that the board is continuing to seek buyers for all or part of the business.
It said former chief executive Michael Bright resigned on Tuesday with immediate effect and without compensation.
Shares in the company continue to be suspended.
