Reinsurer fined after ignoring Internal Audit recommendations

The London branch of Luxembourg company Barents Reinsurance SA has become the first firm operating solely as a reinsurer to be fined by the PRA.

By Neasa MacErlean

The branch, which used to produce 70 per cent of the group's activity, can no longer take on new business and is now winding down. The failings occurred despite the fact that the Internal Audit team carried out 20 reviews and repeatedly called for the remedy of problem areas.