Lomas and deputy managing director Philip Condon issued a joint statement yesterday claiming they had not been told about the purchase of contracts that are alleged to have sparked the crisis.
It is believed the size of the contracts cancel out the benefits of another reinsurance contract taken out to bolster Independent’s reserves.
The directors’ statement came as provisional liquidators from PricewaterhouseCoopers appointed new external actuaries to replace Watson Wyatt.
Speculation over the state of the company, which is audited by KPMG, began following work by Watson Wyatt which revealed huge losses arising from claims that had not been entered into the company’s accounting system.
The actuary had previously provided Independent’s actuarial certificate, and KPMG had signed off its 2000 accounts.
City watchdog the Financial Services Authority on Monday brought in the SFO to find out how a company that was once a City favourite and worth as much as £1bn in December, is now teetering on the brink.
The application of robotics in finance functions is moving faster than predicted. Although, companies are cautious in how they are applying artificial intelligence to ensure results first, many are stepping up their investigations
EU competition commissioner Margrethe Vestager has defended the decision to order technology giant Apple to pay €13bn (£11bn) in back taxes to the Irish government
Carillion has announced the appointment of a new finance director as it reported a rise in first half profits and sales led by strong growth in its support services business
The UK inflation rate hit its highest level in almost two years in July, suggesting that the sharp fall in sterling following the UK referendum to leave the European Union is forcing prices up