If staff at broker Benfield Greig want to buy shares in insurance-related companies, they must submit their purchases for scrutiny by the company's finance director, just to make sure there is no impropriety.
However, Benfield chief executive Grahame Chilton had a contretemps with his share broker when he mistakenly bought shares in Independent Insurance and Sedgwick (pre-Willis).
Chilton, of course, told off his broker and sold the shares as soon as possible. But even in the short time that Chilton owned the shares, Indie's shares doubled in value. However, the Sedgwick shares halved in price.
Just as well there was no gain overall or the DTI might have been interested.
