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The Actuary The magazine of the Institute & Faculty of Actuaries

Michael Bright

I have just received the shockingnews that Michael Bright has beensentenced to seven years in prison.His main offences appear to bedeliberate under-reserving andconcealment of the full terms ofvarious reinsurance arrangementswhile chief executive of IndependentInsurance. I am sure thereaction of many of your readerswill be to wonder why so muchhas been made of what are minorpeccadillos.

It is now time for the professionto give ‘Brighty’ some support inhis hour (or years) of need. Whatabout the honorary FFA? Also, Iwonder whether the professionshould purchase, for its archive,the ‘white board’ used at Independentto list those claimsexcluded from the official data file.I am sure I could prevail uponRichard Macve to unveil it at anappropriate ceremony.