A former director of Holgate Insurance Brokers has been found guilty on four charges of misconduct at Lloyd's.

From 1989 to 1995, Derek Wright had arranged for premiums totalling more than £66,000 to be paid to him personally instead of Holgate, a non-Lloyd's insurance broker which operated under binding authorities.

He also used Holgate's client account to pay more than £15,000 of personal expenses from 1994 to 1996 without the knowledge or consent of his co-director or the company secretary.

Wright, a 50% shareholder in Holgate and a Lloyd's Name, was also found guilty of attempting to erase entries of more than £8,000 on the company's computer files. He was ordered to pay Lloyd's costs of £15,000 by the tribunal and was permanently suspended from entering Lloyd's or transacting business in the market.