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Charles Collis accused of altering Bermuda Fire & Marine minutes

February 28, 1997
One of Bermuda's most influential businessmen, lawyer Charles Collis, has been accused of doctoring the minutes of a crucial committee meeting to hide evidence that directors of Bermuda Fire & Marine Insurance knew the firm was in financial trouble before they stripped it of $40 million in assets.

Mutual Risk Management is examined by the IRS

February 28, 1997
Bermuda-based Mutual Risk Management, which sells itself to investors as being risk-free and to its ultimate insureds as being a carrier of risk, is currently subject to an examination by the US Internal Revenue Service.

Cayman banker Syed Bilal Ahmed still missing

February 28, 1997
Cayman Islands resident Syed Bilal Ahmed, the vice-president of Cayman-based Gulf Union Bank Ltd. and First Cayman Bank Ltd. is still listed as missing in the Bahamas after he disappeared from the Radisson Cable Beach Resort in Nassau on September 5, 1996.

Scheme of arrangement for Bermuda Fire & Marine Insurance

February 28, 1997
A scheme of arrangement has been selected as a way to liquidate the assets of Bermuda Fire & Marine Insurance Company, which is estimated to have liabilities of $500 million to $700 million. Details of the scheme are expected later this year but the process is expected to last at least 20 years.

Cruise lines end dubious billing practices

February 28, 1997
The Carnival, Royal Caribbean, Norwegian, Dolphin and Majesty cruise lines, which call on the Bahamas, and Celebrity, which does not, have agreed to end the practice of advertising one fare, then billing customers significantly more by adding port charges.

Cruise firm under investigation makes ‘donation’ in Cayman

February 28, 1997
At a time when the Cayman Islands government is said to be still contemplating bringing charges against Seattle-based Holland America Cruise Lines one year after one of the firm's ships dragged its anchor off Grand Cayman in January, 1996, severely damaging a popular scuba and snorkelling site, the company has donated US$125,000 to develop and preserve a bird sanctuary on little Cayman.

Pindling accused of inciting Bahamas General Election violence

February 28, 1997
Bahamian opposition leader Sir Lynden Pindling, who all but destroyed his country's international business sector when he was Prime Minister from 1967 to 1992, has been accused of inciting gang members to murder a member of the government in the run up to a General Election on March 14.Housing Minister Chuck Virgill was shot to death just one day after Pindling appeared to incite members of drugs gangs who support him to take violent action against the government.

Colorado couple on the run from US creditors celebrate legal victory in Cayman

February 28, 1997
A Colorado couple on the run from the Internal Revenue Service and a possible prison sentence in the United States have been celebrating a major court victory in the Cayman Islands, whose government has welcomed them with open arms.The Appeals Court of the Cayman Islands reversed an earlier US$721,000 judgment made against Thomas and Sandra Quintin by a lower Cayman court in a case brought by energy giant Philips Petroleum of Oklahoma.

Cayman’s Proceeds of Criminal Conduct Law: Is it for real?

February 28, 1997
Is the Cayman Islands new ‘Proceeds of Criminal Conduct Law' a smoke and mirrors act - as some in rival jurisdictions have indicated - or is it a genuine attempt at deterring money laundering? The answer will only be known the first few times that the Cayman authorities receive requests for assistance from law enforcement agencies in the U. S. and the U. K.

Cable & Wireless sues Bermuda government for breaking monopoly

February 2, 1997
Cable & Wireless is suing the Bermuda government for breaking its monopoly on international calls by granting a licence to newly-formed rival TeleBermuda International. TeleBermuda plans to begin operating next month and is threatening to slash overseas rates by up to 17 per cent for calls to some countries. Sources in Bermuda say Cable & Wireless have not ruled out the possibility of applying for an injunction to prevent TeleBermuda from offering their service until the legal dispute has been determined by Bermuda Supreme Court.

Bermuda Fire & Marine grossly under-estimated run-off costs

November 12, 1995
The management of Bermuda Fire & Marine Insurance may have underestimated the costs of running off the failed insurer's international business by as much as $23 million, according to liquidator Ernst & Young. When breaking up the company in 1991 in order to protect its profitable domestic business from the debts of its international arm, only $1.7 million was left behind to pay Bermuda Fire's run off costs.

Mutual Risk Management fires auditor

October 14, 1995
Bermuda-based Mutual Risk Management, whose shares are traded on the New York Stock Exchange, has dismissed its auditor of 18 years, KPMG Peat Marwick, and replaced it with Ernst & Young - but will not officially say why.

Bermuda Commercial Bank in joint venture with Merrill Lynch

October 12, 1995
Bermuda Commercial Bank and Merrill Lynch Asset Management yesterday signed a shareholders agreement to establish BCB Merrill Lynch Asset Management Ltd., which is expected to be incorporated as a local company by today.

Park International buys HJF International

October 12, 1995
Bermuda-based Park International Ltd., the insurance brokerage subsidiary of Mutual Risk Management, has bought rival broker HJF International Ltd. and taken on all six of its staff, including HJF's former owners, Michael Jenkins and Mike Foulger.The acquisition has arguably made Park the "leading independent brokerage firm in Bermuda, if you consider an independent broker to be one not connected with another broker", Park's president, Paul Scope, said.

BF&M policyholders’ ‘not at risk’

October 12, 1995
Long-term policyholders with BF&M Ltd. are not at financial risk because of a multi-million dollar lawsuit brought against the firm by the liquidators of its former parent, BF&M's lawyers have claimed. Although BF&M Life Insurance Company Ltd. is named as a co-defendant in the lawsuit, long-term policyholders are protected under Bermuda law, said lawyer Timothy Marshall, of Marshall & Company.

Wall Street stock analyst heaps praise on Bermuda

October 12, 1995
Norman Rosenthal, a senior securities analyst with Wall Street investment firm Morgan Stanley, heaped praise on the Bermuda insurance and reinsurance market yesterday.Mr. Rosenthal, whom the press had been notified in advance was a hard-hitting talker, didn't have a bad word to say about the island's industry during an address yesterday at a lunch organised by Bermuda Insurance Institute.

Mello Hollis resigns from Bermuda Fire legal case

October 12, 1995
Law firm Mello Hollis Jones & Martin resigned from the investigation into Bermuda Fire & Marine Insurance because of "professional disagreements" with a British law firm also involved in the case, we have been told.Its decision to resign - only a few weeks after MHJ&M partner Saul Froomkin had interviewed Bermuda's Fire's top directors - had nothing to do with concerns about the high profile nature of a case that affects some of the most powerful members of the community, according to sources.

First Bermuda Securities sues Gordon Capital over BFCL

October 12, 1995
Investment firm First Bermuda Securities Ltd. is suing a former business partner for $791,668 in alleged unpaid commissions stemming from the Bermuda Financial Centre Ltd. project.FBS filed a lawsuit yesterday at Bermuda Supreme Court against Gordon Capital Corporation, of Toronto.

Policyholders stick with BF&M despite lawsuit

October 11, 1995
BF&M's policyholders appear to have decided to stick it out with their company in the wake of a multi-million dollar lawsuit against the firm.BF&M's main local rivals, Colonial Insurance and Argus Insurance, said they have seen little or no new business as a result of BF&M's legal problems.Last week, the liquidators of Bermuda Fire & Marine brought a lawsuit in an attempt to gain control of BF&M's assets to pay overseas creditors, who are estimated to be owed.in excess of $100 million.

Staples (Bermuda) boss discusses his company

October 11, 1995
Earlier this year, Staples Ltd. took over its larger rival, Chips Ltd. and merged the operations into one subsidiary of Staples Holdings Ltd., which is listed on the Bermuda Stock Exchange. In the second of our series of company profiles, Staples' chief executive officer Mark White discusses the merger and other issues facing the company with David Marchant.

BF&M lawsuit will focus on 1991 sale of assets

October 6, 1995
The focus of the court action filed yesterday against BF&M Ltd. and other co-defendants will be the complex sale of Bermuda Fire & Marine's profitable domestic business in 1991. Bermuda Supreme court must decide whether the sale was done fairly and in the best interests of the firm's policyholders and shareholders, as Bermuda Fire's directors claim, or whether it was a way of avoiding expected claims by U.S. policyholders, as creditors claim.

EXEL forms reinsurer

October 5, 1995
Bermuda-based EXEL Ltd. has announced it intends to establish a wholly-owned subsidiary, XL Reinsurance Company Ltd., to provide specialty reinsurance coverage for captives, commercial insurance reinsurance companies, with a start-up capital of $250 million. It is expected to be operational by December 1, 1995.In addition, another EXEL subsidiary, XL Insurance Company Ltd., will increase the maximum limits offered to general liability clients to $150 million from $100 million. Individual directors and officers liability insurance limits for "Side A" coverage only are being raised to $50 million from $25 million.

Legal First: Bermuda court declares director ran company knowing it was insolvent

October 5, 1995
Former government tourism officer and failed travel agency boss Francis Purvey has become the first director of a Bermuda company to be adjudged to have carried on running a firm while he knew it to be insolvent.The Supreme Court has made a declaration that Mr. Purvey fraudulently traded as president and director of World Travel Advisors Ltd., a travel agency he set up in 1985 after leaving the Department of Tourism.

$71 m wiped off Sphere Drake’s market cap after increasing marine P&I reserves

October 5, 1995
Sphere Drake Holdings Ltd. had $71 million wiped off its market value in the four trading days after the firm announced it was increasing by up to $15 million its reserves on its marine protection and indemnity insurance business.Investors began bailing out of the company immediately after the insurer's surprise announcement on September 27 that the extra reserving would lead to a drop in third-quarter earnings of $12.75 million or 69 cents per share.

Bermudians leave themselves open to US property taxes

October 4, 1995
Some Bermudians are unwittingly and unnecessarily leaving themselves open to hefty U.S. taxes on their American investments, according to a tax advisor who will be giving two tax/investment seminars in Bermuda next week.James Sabo said the plight of one Bermudian/American couple who had been receiving rent on a U.S. property they owned was a classic example of how ignorance of the U.S. tax laws can get you into trouble.

Comerica applies for Bermuda business licence

September 28, 1995
Eyebrows have been raised in the local investment community following an application by Comerica Trust Company of Bermuda Ltd. for a licence to do business locally - only a week after being granted an exempted trust licence.

Mutual Risk Management acquires CFM Insurance

September 28, 1995
Mutual Risk Management has agreed to acquire CFM Insurance Managers, a Bermuda company which provides risk management services to captive insurance firms based on the island. Several CFM clients are subsidiaries of European companies and many are involved in the international marine insurance market, a release announcing the deal stated.

Bermuda’s mortgage industry faces change

September 28, 1995
Bermuda's mortgage company bosses appear to be resigned that their industry is changing significantly and that the current shortage of funds available for home-buyers is more than just a regular down-cycle.

Prospectuses issued for Palladium Insurance

September 27, 1995
Prospectuses have been sent out in an attempt to raise $30 million through the private placement of preference shares for an innovative new Bermudian catastrophe reinsurer - Palladium Insurance - which intends to securitise insurance products for trading purposes.Palladium Insurance, which has been formed in Bermuda, is being sponsored by Powerscourt Group Ltd., of Bermuda, and The Chicago Corporation, of the United States.

GulfStream promotes Longtail Global Fund

September 27, 1995
GulfStream Securities has been appointed distributor of a new mutual fund aimed at the Bermuda market which professes to bring locals an investment strategy that is not commonly used in offshore funds.

Palladium Insurance – plans to securitize risk

September 26, 1995
Efforts are being made to raise $100 million for a joint Bermudian/American catastrophe insurer/reinsurer called Palladium Insurance Ltd that intends to securitise insurance products for trading purposes.Palladium Insurance, which has been formed in Bermuda, is being sponsored by Powerscourt Group Ltd., of Bermuda, and The Chicago Corporation, of the United States.

John Goldberg ousted from Johnson & Higgins

September 22, 1995
John Goldberg has been replaced as head of J&H Intermediaries, the Bermuda broking unit of insurance firm Johnson & Higgins, and transferred to the firm's offices in New York.His position in Bermuda is being taken by Dick Southworth, who is relocating from J&H's Cleveland office.

An analysis of the investment strategies of Schroders (Bermuda)

September 20, 1995
Merchant bank subsidiary Schroders (Bermuda) Ltd. caused a stir in the investment sector last week by announcing a licence to offer investment advisory and management services to local companies. The group's reputation and sheer size - it has more than $100 billion under management and approximately 300 investment professionals worldwide - should ensure Schroders wins more than its fair share of trust and insurance business on the island. David Marchant takes a look at the structured investment management process the group uses in a quest for optimum returns.

Sir David Gibbons discusses Bermuda’s economy

September 14, 1995
Many Bermuda retailers will have to merge to survive, the tourism industry should be remarketed and new premier David Saul's skin colour is not a bar to him winning a general election, according to one of the island's most distinguished business and political figures, Sir David Gibbons.In a wide-ranging interview on the state of the economy and measures that can be taken to improve it, the Bank of Butterfield chairman and former premier said there was evidence that local building projects and international company formations and expansions put on hold because of the referendum were now being reactivated.

Barclays Bank sues Grotto Bay’s former owner

September 14, 1995
Barclays Bank Plc is suing 16 defendants linked with Grotto Bay Beach Hotel for a sum believed to be in excess of $1 million.Barclays is seeking to recoup massive legal fees incurred successfully defending a lawsuit in New York brought against it by a previous owner of the hotel, Waterways Ltd.

Prima Vera restaurant sues St. George’s Club timeshare company

September 14, 1995
Prima Vera Ltd. is suing the owners of The St. George's Club timeshare complex for $52,892 at Supreme Court in a dispute relating to the running of the Club's restaurant, The Margaret Rose.The St. George's Club has responded by saying it will countersue for over $300,000 within the next 28 days.

Schroders granted licence to do business locally in Bermuda

September 13, 1995
Foreign-owned merchant bank Schroders (Bermuda) Ltd. has been granted a licence by government to provide investment advisory and investment management services to local companies.Local investment bosses have nothing to fear from increased competition, though, said the company's president, Richard Crowder.

OIL increases per occurrence limit to $225 m

September 13, 1995
Bermuda-based mutual insurer Oil Insurance Ltd. intends to increase its basic per occurrence limit from $200 million to $225 million, the firm has announced.It is one of several initiatives that the firm's president and chief executive officer, Doyle Stephens, said "are intended to make OIL more attractive to a broader market, increase its flexibility and its value to the existing customer base".

Mortgage freeze in Bermuda

September 13, 1995
Bermuda Home, one of the island's biggest mortgage-lending companies in Bermuda, has temporarily stopped authorising new mortgages and at least one other deposit-taking company is dissuading borrowers from taking out large loans, we can reveal.

Bermuda expects international business boost after David Saul becomes premier

September 8, 1995
Bermuda's $29 billion-capitalized international business sector looks set for a renewed boom following the emphatic rejection of independence last month and the appointment of a new, business-oriented premier, David Saul.There are already signs that investors in insurance and other areas who had held off until after the referendum result was known are now going ahead with their plans to form on the island.

Suspected money laundering in Bermuda

September 7, 1995
British police investigating an alleged fraud that could run into billions of pounds are looking into whether some of the money may have been laundered in Bermuda.But they have been criticized by Bermuda Monetary Authority general manager Malcolm Williams for making allegations about the island which appear unsupported by any evidence.