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February 05, 2005

Actuaries sued over Independent crash

Liquidators of Independent Insurance are suing actuaries Watson Wyatt in a claim likely to run to tens of millions.

Independent crashed in 2001 after a huge shortfall in the amount of reserves it had in its coffers to pay policy claims.

Liquidator PricewaterhouseCoopers will give details of the claim later this month. It alleges work by the actuary between 1998 and 2001 in reviewing the level of Independent's reserves was negligent.

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Posted by Tom Troceen