UK broker accused of failing to prevent international bribery

UK-based firm United Insurance Brokers Limited (UIBL) has been accused by the Serious Fraud Office (SFO) of failing to prevent international bribery.

The SFO alleges that UIBL’s US-based intermediaries for Ecuador paid bribes in return for the awarding of reinsurance contracts worth $38m.

The UK government agency added the company is charged with failing to prevent associates from bribing state officials in Ecuador between October 2013 and March 2016.

According to the SFO, UIBL offered reinsurance services which insure against any losses caused by making significant and unexpected payouts for insurance policies.

It claimed this was sold to state insurers covering parts of the Ecuadorian public sector, including the state water and electricity companies.

“UIBL received a $6.2m commission to provide these services, of which $3m was allegedly paid to intermediaries,” the SFO alleged.

“They are accused of subsequently paying bribes to an Ecuadorian official in exchange for the contract.”

Court hearing

Representatives of UIBL have been ordered to appear before Westminster Magistrates’ Court 7 May 2025 to face the charges.

If this case proceeds to a contested trial, it will be the first time that an SFO “failure to prevent bribery” case is heard by a jury.

Nick Ephgrave QPM, director at the SFO, said: “The SFO remains committed to stamping out international bribery wherever it may occur.

“British companies have a duty to prevent the harm caused by bribery when doing business at home and abroad, to ensure that the UK remains a safe and fair place to do business.”