AXA Unit Wins €7.7M In Pocketed Premiums From Agent

By Sophia Dourou (August 5, 2022, 3:49 PM BST) -- A London judge ordered an imprisoned underwriting agent on Friday to return more than €7.7 million ($7.8 million) to AXA subsidiary XL Insurance after pocketing millions in policy premiums and draining his company's accounts to avoid paying it back.

David Edwards QC, sitting as a judge of the High Court, found that Paul Corcoran breached his contract with the insurer through Ipors Underwriting Ltd., where he was the director and sole shareholder, in a hearing held in the defendant's absence.

"It is plain Mr. Corcoran has been served with documents and is aware of this hearing taking place," Judge Edwards said. "It seems...

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