Insurer to clear out boardroom
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An insurance company rocked by soaring claims for personal injury compensation is expected to announce a boardroom clear-out within days. Three of the remaining directors of Independent Insurance are widely expected to leave their posts. Trading in the company’s shares was suspended on Monday with the stock at 81.5p, less than a quarter of its peak price. One City analyst, who asked not to be named, said: “They have to clear the board and get all the executives out, they must make sure their finances are solid and get on and raise some capital.” The shares had begun to plummet last Friday amid doubts about a crucial plan to inject more money into the company. More : news.bbc.co.uk |