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Rebore Magazine's explosive exposé of reinsurance executives' expenses continues with yet more damaging revelations about the extent of the scandal. The latest reinsurance executive to have been economical with the truth of the matter is Sir Cuthbert "Cutty" Sark, chairman and CEO of Hapless Insurance.
According to Rebore Magazine, Sir Cuthbert claimed the cost of a round the world airfare, including three day stopovers in the Seychelles, Tobago and Bali, en route to Monte Carlo for last year's rendezvous. The total cost of his trip to Monte Carlo was £140,000.
Sir Cutty told Rebore reporters that he felt it was wholly justified as his secretary had tried to book a Ryan Air flight to Monte Carlo but the flight times weren't suitable and an alternative route was necessary.
"The new route, using some of the best airlines in the world, represented extremely good value for money for our shareholders, especially when one takes into account the new Ryan Air charges for extra baggage, lunch and drinks. I understand they are even planning to charge for using the toilet. All toilet breaks on my rearranged itinerary were free," said Sir Cuthbert.
The revelations add to a growing list of expense shockers, which include:
The scandal has been on the front page of Rebore Magazine for the last two months and has resulted in Rebore's circulation tripling. When RISKbitz contacted the magazine to enquire about rumours that Rebore journalists had purchased a brand new top of the range 120 foot luxury cruiser in order to attend the Rendezvous, nobody was able to confirm or deny the story. "They've all buggered off to Rio de Janeiro for a couple of weeks - on expenses obviously, they're not that well paid," said a source.