Lloyd’s of London fined an insurance executive.

The insurance underwriting exchange levied a $1.4-million fine against an insurance executive alleged to have wrongly taken about $18.5 million from insurance funds that he managed. Lloyd’s called the executive, Peter Dixon, “a clever, dishonest, greedy and unscrupulous individual.” Dixon’s whereabouts are not known. The committee found Dixon guilty of dishonestly misappropriating the funds for his own benefit.