An Iowa man was sentenced last week to ten years in prison after pleading guilty to Insurance Fraud (Class D Felony) and Fraudule
nt Practice (Class D Felony), following an investigation conducted by the Iowa Insurance Division’s Fraud Bureau.
Bryce Douglas Murphy, 33, of Peosta, provided false information to an in
surance company regarding a loss claim for two Rolex watches, the investigation found.
The Fraud Bureau determined that Murphy had submitted a loss claim stating the watches were stolen from his hotel room
while attending an NFL game. To support his claim, Murphy provided various documents, including a purchase receipt for the watches.
However, the investigation revealed that Murphy had previously filed a similar claim with another insurance company in 2019, for
which he had received a payout of $9,998. Further examination uncovered that the purchase receipt had been fabricated by Murphy
and that the Rolex watches were counterfeit. Murphy was arrested on June 12, 2023.
Following his guilty plea, Murphy was sentenced to ten years in prison and ordered to pay $2,395 in fines.
Lloyd’s saw a continuation of positive returns with profit before tax of £9.6 billion ($12.4 billion) during 2024, down from £10.7 b
illion ($13.8 billion) in 2023. The market achieved a combined ratio of 86.9% for full-year 2024, compared with 84.0 for FY2023. (A com
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bined ratio below 100 indicates an underwriting profit).
Lloyd’s Chief Financial Officer Burkhard Keese said that 2024 was a year when the market once again “proved our underwriting d
iscipline and delivered profitable growth of 6.5%,” or gross written premium totaling £
on ($67.3 billion) for FY 2023.
Keese and Chief Executive Officer John Neal both spoke during a recent media briefing to discuss Lloyd’s full-year results for 2024.
“Lloyd’s has been relentless in pursuing sustainable profitable performance in the market. We’ve been on a seven-year journey t
o deliver the change our stakeholders wanted – to consistently focus on the delivery of disciplined underwriting, to modernize our performance and oversight frameworks, to address the cost of doing business at Lloyd’s, and to sho
w leadership on the issues that matter,” said Neal, who will exit the market this year to become global CEO of Aon Reinsurance and chairman of Aon’s Climate Solutions unit.
