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Arbitration farce forces Belvedere Insurance into liquidation

Belvedere Insurance Company Limited has gone into permanent liquidation after an arbitration hearing that could have saved the company turned into a fiasco. BICL had been pinning its hopes for survival on a favourable ruling on its claim for $9.6 million in underwriting and run-off fees against fellow Bermuda company GTE Reinsurance Company Limited. But the arbitration hearing on September 21, 1998 ended almost as soon as it began after panel chairman Sir Charles Staughton QC rejected BICL’s choice of liquidator, Richard Grey.