Not my fault
Nobody wants to take the blame for the demise of Independent Insurance
ITS fall from grace was swift and brutal. Last December the British property and casualty insurer's stock was still one of the most popular in the industry. City analysts tipped Independent Insurance's shares and ratings agencies gave the company a thumbs-up. Six months later Independent Insurance was declared insolvent after PricewaterhouseCoopers, an auditing firm called in to do a “forensic” investigation, had worked out the alarming extent of the company's potential liabilities.
This article appeared in the Britain section of the print edition under the headline “Not my fault”
From the June 23rd 2001 edition
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