The best [insurance] adjuster, one suspects, would combine civility with cynicism and have the honesty of a poet. In Winston Graham's quietly told, suspenseful novel, "Fortune Is A Woman," Oliver Bramwell qualifies on only one count—he evinces a healthy cynicism. As a member of the venerable firm of Abercrombie & Co. adjusters, Bramwell—who is something of an English Mike Hammer—has notable success. He discovers the real cause of an actor's black eye and avoids payment to his film company; he uncovers phony thefts and phony cases of fire damage; he avoids the clutches of a tall blonde. Then he discovers, by accident, a shocking fact: his firm is being duped by a supposedly well-off friend of his.

That Bramwell is in love with the man's wife makes the situation intolerable. Desperately tracking down clues, he finds further evidence of arson and the forgery of paintings and...