DYOLL’S FORMER COO ARRESTED ON FRAUD CHARGES

Mark Thwaites, formerly chief operating officer at bankrupt Jamaica-based insurer Dyoll, has been charged in Jamaica with insurance fraud. Mr Thwaites was given bail of $1.5m on condition he surrender his travel documents. He will return to court on August 23. Mr Thwaites was arrested Tuesday night by officers from the Financial Investigation Division (FID), part of the Jamaican finance ministry. Mr Thwaites’ brother Stephen was CEO of Dyoll, which collapsed four months ago after last year’s hurricane Ivan highlighted its excessive exposure to business and property in the Cayman Islands. Dyoll is now under the control of the Trustee in bankruptcy, Keith Hartley Cooper. Mr Cooper will meet Dyoll creditors, policyholders and other claimants on July 28 to appoint a liquidator to wind up the company. Creditors have until noon on July 26 to submit any claims.