London, 17 April 2025 — The UK’s Serious Fraud Office (SFO) has charged United Insurance Brokers Limited (UIBL) with failing to prevent bribery, following an investigation into corrupt payments made to Ecuadorian state officials between 2013 and 2016.
Representatives of UIBL have been summoned to appear before Westminster Magistrates’ Court on Wednesday, 7 May, where they will face formal charges under Section 7 of the UK Bribery Act 2010.
According to the SFO, UIBL failed to prevent its US-based intermediaries from paying bribes to public officials in Ecuador. The illicit payments were allegedly made in exchange for securing re-insurance contracts worth approximately US$38 million from state-owned insurers, including those covering Ecuador’s water and electricity sectors.
UIBL is reported to have earned US$6.2 million in commissions for brokering these re-insurance agreements, with at least US$3 million allegedly channelled through intermediaries who, in turn, paid bribes to Ecuadorian officials to secure the deals.
If the case proceeds to a contested trial, it would mark the first time that a “failure to prevent bribery” charge brought by the SFO is heard before a jury.
UIBL, a long-established player in the international re-insurance market, provided insurance services designed to protect clients from high-impact, unpredictable financial losses. These services were sold to public-sector insurers in Ecuador as part of government-backed risk management efforts.
SFO Director: UK Companies Must Be Accountable
Nick Ephgrave QPM, Director of the Serious Fraud Office, emphasized the broader implications of the case:
“The SFO remains committed to stamping out international bribery wherever it may occur.
British companies have a duty to prevent the harm caused by bribery when doing business at home and abroad, to ensure that the UK remains a safe and fair place to do business.”
The SFO continues to investigate UIBL’s conduct in relation to the bribery scheme and has not ruled out further charges against individuals or associated entities.
