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Member, Beacon International Group, Ltd.
FRANKFURT, Germany (Reuters)—Munich Re filed criminal charges against an unnamed service provider and former employees after in internal probe discovered evidence of fraud, the reinsurer said on Friday.
Frankfurt, Germany-based Munich Reinsurance Co. said it discovered inconsistencies during a review of service provider fees, adding it had incurred a loss in excess of €10 million ($14.4 million).
Munich Re said it had indications that an external service provider from southern Europe, who worked for a Munich Re department, received unjustifiable amounts of money by making false declarations and manipulating accounts.
It did not specify who the service provider was and said it was not aware that any clients sustained losses.