Former director accuses underwriters of refusing to pay bonus and notice pay
Insurance executive Adrian Ryan is suing his former employers, Shelbourne Group, for more than £730,000 after losing his job.
Ryan joined Lloyd’s underwriters Shelbourne in October 2007 as strategy and development director. His £100,000 salary was to double when a syndicate to be acquired by Shelbourne wrote business worth £100m.
Months earlier, he and some colleagues had been involved in discussions with Enstar Group and FPK Capital, which planned to invest in Shelbourne, a High Court writ says.
In March 2008 Ryan’s salary rose to £200,000 after the value of the business written by Lloyd’s syndicate 2008 exceeded £100m.
He also became entitled to a bonus of £487,622, which the underwriters have refused to pay him, the writ says.
Ryan was sacked without notice on 30 March this year, and offered payment in lieu of notice.
But Ryan, who lives in Dublin, claims he is owed £730,999, comprising his unpaid bonus plus £200,000 salary, unpaid expenses of £28,701, and pension and health insurance contributions.
He is also seeking lost bonuses for 2009 and part of 2010.
Ryan says he plans to rely on a letter from Shelbourne, signed by chairman George Cochran, in which the company said he would be paid for his notice period and along with his 2008 bonus.
This was confirmed in a solicitor’s letter on 12 June.
Shelbourne Group has filed a response to the writ, but Insurance Times was unable to obtain it at the time of going to press. A spokesman for the group said it did not consider it appropriate to comment on ongoing legal proceedings.