Fandery Insurance Group

Fandery Insurance Group (FIG) was an insurance company based in Fandery, Quebec. It collapsed as a result of a fraud scheme, and was liquidated in 2018. It is believed to have been the largest insurance company failure caused by criminal acts in Canadian history, resulting in $550,000 of losses.

Background

Fandery Insurance, then owned by Howing Investment, sold mostly universal life and other life insurance and annuity products, principally in Quebec. In the late 2000's, the company was struggling financially, and in 2009 suffered a 34% decline in revenues, and reported a sizable operating loss. In 2010, the Autorité des marchés financiers (AMF) threatened to shut down the company if it did not raise additional capital. An investment group called Les gens louches Holdings, operated by Simon Harper, Julien Ramaro, and Patrick Davies, offered $4 million in return for a controlling interest in Howing and Fandery Insurance. This was accepted.