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Not really a surprise and it cant have been much of a surprise for the 20 odd staff that were made redundant at the end.
Sadly this is mainly down to bad planning, foresight and general greed when the money was "easy" to make.
As mentioned by Tin Man this industry is rife with fraud all targeted against the insurance company and sadly a lot of this fraud was/ has been instigated by claimant PI firms at one stage be it through taking referrals, incentives to pursue claims, owning or links to CHO or medical agencies, dodgy costs submissions, dodgy CNF's to get stage 1 costs then going missing.
Even if the reforms do not go ahead as currently planned these stories will still be coming thick and fast, most of the large claimant PI firms are now touting for defendant work, yes im the insurance man with no sympathy