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2005-05-10 16:47:05

Police Investigate Insurance Firm

Missing funds is only tip of iceberg in industry steeped in corruption.

The Royal Bahamas Police Force yesterday confirmed it was conducting an ongoing investigation into allegations of missing funds at insurer RoyalStar Assurance.

In an exclusive report, The Tribune Newspaper reports that Chief Superintendent Hulan Hanna said, "I can confrim that an investigation is going on." Mr. Hanna refused to comment further saying it might compromise the probe's integrity.

Insurance industry sources say there are some "pretty big numbers" involved, with estimates ranging from $400,000 to $1.5 million missing.

Only a small minority of employees are thought to be involved in the investigation.

Despite the police investigation, RoyalStar's capital base and financial solvency are extremely strong, so policyholders need not be alarmed.

RoyalStar Assurance is the former Royal & Sun Alliance (Bahamas), and was created when the latter was purchased in October, 2002 by a consortium including Star General Insurance, alleged gangster Franklyn Wilson's Sunshine Insurance, British American Insurance and Trinidadian insurer Nemwit. 

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