Tysers to pay nearly $47 million to resolve US probe

[ad_1]



Tysers to pay nearly $47 million to resolve US probe | Insurance Business America















Owner confirms whether or not group earnings will be impacted


Insurance News

By
Terry Gangcuangco

UK firm Tysers Insurance Brokers, a subsidiary of Australia-headquartered AUB Group, has agreed to pay nearly $47 million to resolve an investigation by the US Department of Justice.

What is the investigation about?

In AUB’s financial report for the year ended June 30, 2023 (FY23) that was released in August, the ASX 200-listed insurance group noted: “The acquisition of Tysers has exposed [AUB] to risk in relation to the alleged conduct of business in Ecuador between 2013 and 2017 by Integro Insurance Brokers (a company within the Tysers group) and/or its employees, agents, and associated persons…

“The DOJ investigation relates to suspicions of bribery and corruption, and possible associated money laundering. If this investigation reveals any unlawful conduct by companies within the Tysers group, Tysers (and/or the relevant group companies) may be subject to fines and/or other penalties and may incur reputational damage.

“As previously disclosed, AUB obtained a number of contractual protections in the Tysers transaction documents, including indemnification that AUB considered appropriate for the recovery of potential losses/fines and penalties which may become payable by Tysers in connection with the aforementioned investigations.”   

Investigation resolution

On Thursday, AUB announced that Tysers has agreed to pay the DOJ $46.59 million to resolve the probe. Terms of the proposed resolution have been agreed in-principle by both sides, and the agreement will be entered into the record by the US District Court for the Southern District of Florida.

“We are pleased to have resolved this legacy matter with the DOJ,” AUB chief executive and managing director Mike Emmett said in a release. “Tysers has cooperated fully with authorities and spent considerable time and effort – including investing in a full compliance and control review and uplift – to ensure an effective and best-inclass compliance program is both implemented and maintained.”

Meanwhile, given the contractual protections cited above, AUB’s expected profit for FY24 will not be impacted.

What do you think about this story? Share your thoughts in the comments below.

Related Stories


[ad_2]

Source link

One thought on “Tysers to pay nearly $47 million to resolve US probe

  1. http://196.43.133.60/wiki/index.php/Akslot
    http://afcantarelle.org/index.php?title=Akslot
    http://afcantarelle.org/index.php?title=User:TrudyF51138288
    http://kousokuwiki.org/wiki/Akslot
    http://postgasse.net/Wiki/index.php?title=Akslot
    http://postgasse.net/Wiki/index.php?title=Benutzer:NanniePacheco
    http://pynomo.org/wiki/index.php/Akslot
    http://pynomo.org/wiki/index.php/User:MoniqueDoucette
    http://urbino.fh-joanneum.at/trials/index.php/Akslot
    http://urbino.fh-joanneum.at/trials/index.php/User:OlgaLarge17489
    http://verraquina.es/wikiv/index.php?title=Akslot
    http://verraquina.es/wikiv/index.php?title=Usuario:BradMollison5
    http://vulteevaliant.com/index.php/Akslot
    http://vulteevaliant.com/index.php/User:BridgettGriffith
    http://wiki-ux.info/wiki/Akslot
    http://wiki-ux.info/wiki/User:FrancesRivers00
    http://wiki.moebius.com.br/index.php/Akslot
    http://wiki.moebius.com.br/index.php/Usu%C3%A1rio_Discuss%C3%A3o:SherleneBiehl98
    http://wiki.shitcore.org/index.php/Akslot
    http://wiki.shitcore.org/index.php/User:MaurineSouthwell
    http://www.driftpedia.com/wiki/index.php/Akslot
    http://www.driftpedia.com/wiki/index.php/User:STRFlorida
    http://www.erwinbrandenberger.ch/index.php?title=Akslot
    http://www.erwinbrandenberger.ch/index.php?title=Benutzer:PilarVallejos44
    http://www.jeromebaray.com/afm/wiki/index.php/Akslot
    http://www.jeromebaray.com/afm/wiki/index.php/Utilisateur:WillardGooch
    http://www.zilahy.info/wiki/index.php/Akslot
    https://biowiki.clinomics.com/index.php/Akslot
    https://biowiki.clinomics.com/index.php/User:PaulineMolino
    https://gamesfashionarchive.net/wiki/User:KoryLundy27
    https://help.ezadspro.co.uk/index.php?title=User:SylviaPermewan
    https://intranet.wikimedia.cat/wiki/Usuari:ChristieGoble4
    https://library.kemu.ac.ke/kemuwiki/index.php/Akslot
    https://library.kemu.ac.ke/kemuwiki/index.php/User:CecilRowan3
    https://livingbooksaboutlife.org/books/Akslot
    https://livingbooksaboutlife.org/books/User:SabinaHusk
    https://omrg.org/w/index.php?title=Akslot
    https://omrg.org/w/index.php?title=User:NickolasMale839
    https://procesal.cl/index.php/Akslot
    https://procesal.cl/index.php/User:LurleneEspinoza
    https://siedlerwiki.de/index.php?title=Akslot
    https://siedlerwiki.de/index.php?title=Benutzer_Diskussion:XILLaurence
    https://thewillistree.info/genealogy/wiki/Akslot
    https://thewillistree.info/genealogy/wiki/User:IngeborgMerry8
    https://wiki.fontyspulsed.com/index.php?title=Akslot
    https://wiki.fontyspulsed.com/index.php?title=User:BettyeBracken0
    https://wiki.geocaching.waw.pl/index.php?title=Akslot
    https://wiki.geocaching.waw.pl/index.php?title=U%C5%BCytkownik:RandiMacLaurin0
    https://wiki.hrw-fablab.de/index.php?title=Akslot
    https://wiki.hrw-fablab.de/index.php?title=User:NovellaWannemake
    https://wiki.itcoug.com/index.php?title=Akslot
    https://wiki.lafabriquedelalogistique.fr/Utilisateur:GladisO95428
    https://wiki.minecraft.jp.net/%E5%88%A9%E7%94%A8%E8%80%85:LeonoreHursey93
    https://wiki.minecraft.jp.net/Akslot
    https://wiki.renew-platforms.dk/index.php?title=Akslot
    https://wiki.renew-platforms.dk/index.php?title=User:Carmon94M49
    https://wiki.ryuriin.my.id/index.php/Akslot
    https://wiki.ryuriin.my.id/index.php/User:HwaRatcliffe9
    https://wiki.sports-5.ch/index.php?title=Akslot
    https://wiki.sports-5.ch/index.php?title=Utilisateur:Catherine32J
    https://www.hb9lc.org/wiki/index.php/Akslot
    https://www.hb9lc.org/wiki/index.php/User:ReubenSantora66
    http://196.43.133.60/wiki/index.php/Akslot
    http://afcantarelle.org/index.php?title=Akslot
    http://afcantarelle.org/index.php?title=User:SandraHamer
    http://classicalmusicmp3freedownload.com/ja/index.php?title=%E5%88%A9%E7%94%A8%E8%80%85:EdisonLamothe89
    http://classicalmusicmp3freedownload.com/ja/index.php?title=Akslot
    http://postgasse.net/Wiki/index.php?title=Akslot
    http://postgasse.net/Wiki/index.php?title=Benutzer:StacieEason01
    http://pynomo.org/wiki/index.php/Akslot
    http://pynomo.org/wiki/index.php/User:ViolaDerose4
    http://urbino.fh-joanneum.at/trials/index.php/Akslot
    http://urbino.fh-joanneum.at/trials/index.php/User:AnnelieseMatthes
    http://verraquina.es/wikiv/index.php?title=Akslot
    http://verraquina.es/wikiv/index.php?title=Usuario:SelmaWilshire
    http://vulteevaliant.com/index.php/Akslot
    http://vulteevaliant.com/index.php/User:YYORobyn330
    http://wiki-beta.avazinn.com/w/index.php?title=Akslot
    http://wiki-beta.avazinn.com/w/index.php?title=User:JosefPilgrim98
    http://wiki-ux.info/wiki/Akslot
    http://wiki-ux.info/wiki/User:EmersonHastings
    http://wiki.moebius.com.br/index.php/Akslot
    http://wiki.moebius.com.br/index.php/Usu%C3%A1rio:Von54Q6887834
    http://www.driftpedia.com/wiki/index.php/Akslot
    http://www.driftpedia.com/wiki/index.php/User:FelicitasGuardad
    http://www.erwinbrandenberger.ch/index.php?title=Akslot
    http://www.erwinbrandenberger.ch/index.php?title=Benutzer:CheriBittner805
    http://www.jeromebaray.com/afm/wiki/index.php/Akslot
    http://www.jeromebaray.com/afm/wiki/index.php/Utilisateur:KurtLytle62801
    http://www.zilahy.info/wiki/index.php/Akslot
    http://www.zilahy.info/wiki/index.php/User:LavadaVine16120
    https://audiwiki.bitt-c.at/index.php?title=Benutzer:Keenan7862
    https://bbarlock.com/index.php/Akslot
    https://bbarlock.com/index.php/User:DanaeVanburen3
    https://biowiki.clinomics.com/index.php/Akslot
    https://biowiki.clinomics.com/index.php/User:HudsonRickel98
    https://gamesfashionarchive.net/wiki/User:NonaStaggs24
    https://hu.velo.wiki/index.php?title=Akslot
    https://hu.velo.wiki/index.php?title=Szerkeszt%C5%91:VitoBernacchi9
    https://intranet.wikimedia.cat/wiki/Usuari:ChristianCiq
    https://landohnesegel.de/mediawiki2/index.php?title=Benutzer:XavierEisenhower
    https://library.kemu.ac.ke/kemuwiki/index.php/Akslot
    https://library.kemu.ac.ke/kemuwiki/index.php/User:SophiaLavallie
    https://livingbooksaboutlife.org/books/Akslot
    https://livingbooksaboutlife.org/books/User:MaritzaBurchfiel
    https://omrg.org/w/index.php?title=Akslot
    https://omrg.org/w/index.php?title=User:VernMarlar34
    https://procesal.cl/index.php/Akslot
    https://procesal.cl/index.php/User:AlisonEoff5
    https://religiopedia.com/index.php/Akslot
    https://religiopedia.com/index.php/User:KitOsmond553
    https://siedlerwiki.de/index.php?title=Akslot
    https://siedlerwiki.de/index.php?title=Benutzer:JessikaGiffen0
    https://sustainabilipedia.org/index.php/Akslot
    https://sustainabilipedia.org/index.php/User:NiklasAddis040
    https://thewillistree.info/genealogy/wiki/Akslot
    https://thewillistree.info/genealogy/wiki/User:OWRAnnmarie
    https://wiki.fontyspulsed.com/index.php?title=Akslot
    https://wiki.fontyspulsed.com/index.php?title=User:DoyleReal06
    https://wiki.geocaching.waw.pl/index.php?title=Akslot
    https://wiki.geocaching.waw.pl/index.php?title=U%C5%BCytkownik:Francesco87M
    https://wiki.hrw-fablab.de/index.php?title=Akslot
    https://wiki.hrw-fablab.de/index.php?title=User:DaniellaShifflet
    https://wiki.minecraft.jp.net/%E5%88%A9%E7%94%A8%E8%80%85:AlfonzoSalley3
    https://wiki.minecraft.jp.net/Akslot
    https://wiki.renew-platforms.dk/index.php?title=Akslot
    https://wiki.renew-platforms.dk/index.php?title=User:Denis1106928937
    https://wiki.ryuriin.my.id/index.php/Akslot
    https://wiki.ryuriin.my.id/index.php/User:FYFMelody89
    https://wiki.sports-5.ch/index.php?title=Akslot
    https://wiki.sports-5.ch/index.php?title=Utilisateur:ShelleyBolling
    https://www.hb9lc.org/wiki/index.php/Akslot
    https://www.hb9lc.org/wiki/index.php/User:AlfredMonash
    https://www.mibtec.it/wiki/index.php?title=Utente:JulietaMartinez

Leave a Reply

Your email address will not be published. Required fields are marked *