Two former reinsurance brokers for Benfield Limited have agreed to a two-year ban from the industry for participation in an improper financial reinsurance deal, the UK's Financial Services Authority said in London.

The punishment FSA said was the result of their involvement with an inappropriate placement of a loss portfolio transfer agreement for Chiyoda Fire and Marine Insurance Company (Europe) Limited.

In a statement Friday, FSA said that Robert George Phillips and Isabel Rawlence agreed they would not involve themselves in "regulated activity" in the financial services industry after involving themselves in the design and placement of an alternative risk transfer agreement where "their conduct did not meet an appropriate standard."

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