Biba and the police are closing in on an underwriting agency that is alleged to be acting fraudulently.
According to Biba head of technical services Peter Staddon, the agency is believed to be writing policies outside the scope of its binding authority and placing business with markets that do not exist.
"The registered office is a bungalow owned by an 82-year-old," Staddon said.
The fraud squad of a regional police force has been notified and are investigating the matter. Staddon refused to name the agency, but confirmed that it was based in the UK and wrote "domestic lines and commercial liability" schemes.
