Hiscox sues former executive in fraud case

Hiscox is suing Yuval Abraham, the former chief financial officer of Hiscox Services, accusing him of $1.8 million in fraud.

Abraham was reportedly fired by the company from his position on Bermuda in April 2018, when the alleged fraud came to light.

According to multiple media reports on the case, Hiscox is suing Abraham for the purchase of luxury watches in New York via misappropriated funds. Hiscox has filed a motion in the New York Southern District Court for the right to subpoena documents on this matter.

In addition it has also been reported that Abrahams has been the subject of a Bermuda Supreme Court order freezing his assets and preventing the transfer of those assets from Bermuda.

“Hiscox is currently pursuing the repayment of funds which we believe were illegally obtained by one individual who no longer works here, and are working with law enforcement on this matter,” a Hiscox spokesperson told Bermuda:Re+ILS. “Hiscox operates to the highest standards and takes such incidents extremely seriously. However, as this is an on-going investigative and legal matter, Hiscox cannot comment further at this stage.”