Independent Insurance liquidator Pricewaterhouse-Coopers (PWC) has agreed an out of court settlement for an undisclosed sum with broker Berkeley Burke over commission and premium owed to Independent.
Berkeley Burke was one of the brokers that did not participate in the market settlement agreed by PWC with over 90% of Independent's agency brokers in 2002.
PWC partner Dan Schwarzmann said this was the first case the liquidator had pursued so far, but that "around 100" potential cases were being looked into.
Sources put the outstanding amount to be about £20m.
Berkeley Burke agreed to pay Independent the full premium (net of commission) it collected from Independent's policyholders, together with all commission due, payable immediately.
In addition, it will pay both its own and PWC's legal costs.
The market settlement was on the basis that the brokers paid all time-on-risk premium held, plus agency commission.
This was to be paid in two instalments.
