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USA v. Gilbert A. Ziegler et al: Second Superseding Indictment

October 27, 2003
Second Superseding Indictment in USA vs. Gilbert Allen Ziegler, a.k.a. Van Arthur Brink; Rita Regale, a.k.a. Rita Brunges; Douglas Ferguson, Robert Skirving and Laurent Barnabe, a.k.a. Larry Barnabe, at the U. S. District Court for the District of Oregon.

Scottish Annuity & Life changes name

September 30, 2003
First it changed its domicile, from the Cayman Islands to Bermuda, now it had changed its name. Scottish Re Group Ltd. announced on September 2 that its shareholders had approved changing the Company's name to Scottish Re Group Ltd. from

Fortress Re dispute halted for Japan depositions

September 30, 2003
Arbitration proceedings in North Carolina regarding the failed Fortress Re aviation reinsurance pool was halted recently to allow emergency depositions to be taken in Japan.Hearings were already underway when Fortress Re Inc., of North Carolina, requested depositions of four current

ESG seeks damages from former auditor

September 30, 2003
ESG Re, which provides reinsurance in the accident and health market, has filed a civil complaint against its former auditor, Deloitte & Touche, which it blames for much of its current troubles. The complaint was filed against the U. S.,

Centre Solutions sued for $40 million

September 30, 2003
Centre Solutions (Bermuda) Ltd. is among several defendants being sued for more than $40 million in a racketeering lawsuit filed in New York.The complaint was filed at New York Supreme Court for New York County on July 31, 2003 and

Bank syndicate owed $183 million by Trenwick Group

August 31, 2003
A syndicate of banks led by JPMorgan Chase Bank is the biggest creditor of ailing Bermuda-based specialty insurer Trenwick Group Ltd., with an outstanding claim of $183 million at August 20, 2003.The syndicate also includes Wachovia Bank, Credit Lyonnais (New York), Dresdner Bank (New York and Grand Cayman), Fleet National Bank, The Royal Bank of Scotland, ING Bank (London), Citibank, The Bank of Nova Scotia, State Street Bank and Trust Company, and Mizuho Corporate Bank.

Overseas Partners in talks to settle IRS dispute

August 31, 2003
Bermuda-based Overseas Partners Ltd., which is closely associated with courier firm UPS, is apparently making headway in settling its long-running dispute with the IRS in the United States."We made further progress in resolving the tax litigation with the IRS in relation to our workers' compensation reinsurance program with UPS," stated OPL in a letter to shareowners on August 20.

MRM in class action settlement talks

August 31, 2003
Negotiations are underway to settle a class action lawsuit filed by shareholders against Mutual Risk Management and several of its former officers and directors.Details are contained in a filing at the U. S. District Court for the Southern District of California on July 30, 2003 in which the defendants agreed to withdraw their motion to dismiss the complaint.

Zurich Financial Services strengthens Centre’s reserves

August 31, 2003
The balance sheet of the Bermuda-based Centre group was strengthened by $474 million during the six months ended June 30, 2003."Reserve strengthening of USD474 million impacted the result at Centre," disclosed Centre's parent, Zurich Financial Services, Europe's third-largest insurer.

Annuity & Life Re continues downsizing

August 31, 2003
Financially-troubled Annuity & Life Re continued its downsizing in August with the announcement that unnamed ceding companies had 'recaptured' a major contract that was draining its earnings.The recapture, which was effective June 30, 2003, involved Annuity & Life Re's largest guaranteed minimum death benefits reinsurance contract.

Panama to investigate alleged corruption regarding Marc Harris

August 9, 2003
Panama's government is to carry out an investigation into allegations of corruption involving its own officials and offshore crook Marc Harris, according to the local media. President Mireya Moscoso announced on August 6 that a Commission would be appointed to conduct the inquiry, reported La Prensa newspaper.

Stirling Cooke Brown Insurance Brokers Ltd. goes into administration

July 31, 2003
After the loss of a major lawsuit, Stirling Cooke Brown Insurance Brokers Ltd. has gone into administration in the United Kingdom.Paul Evans and Dan Schwarzmann, of PricewaterhouseCoopers, were appointed joint administrators on July 17, 2003 - nine days after a judgment in a U. K. High Court action filed by Sphere Drake Insurance.

XL Specialty seeks to avoid claims regarding deaths on San Francisco Bay Bridge Project

July 31, 2003
XL Specialty Insurance Co. has issued legal proceedings in the United States in an attempt to avoid paying claims for two people killed while working on the San Francisco Bay Bridge Project.The Illinois-based company filed a lawsuit against Kiewit Offshore Services Ltd., of Texas, at the U. S. District Court for the Southern District of Texas on July 3, 2003.

Liquidators seek to depose former New Cap Re boss

July 31, 2003
The liquidators of New Cap Reinsurance Corporation (Bermuda) Ltd. have been granted a request for judicial assistance by a United States court.The decision on July 8, 2003 by the U. S. District Court for the District of Connecticut allows liquidators John McKenna and Gareth Hughes to depose Udayan Ghose.

Mixed month for Mutual Risk Management

July 31, 2003
July was a significant month for Mutual Risk Management, with two of its subsidiaries going into liquidation in the United States and a scheme of arrangement being approved for the company itself.The bad news for the firm came when liquidation orders were issued for Legion Insurance and Villanova Insurance by the Commonwealth Court of Pennsylvania on July 28.

From Bermuda to Baghdad: Ex-Director of crooked company to help re-build Iraq

July 31, 2003
A former senior officer with Goldman Sachs who was a director of Stirling Cooke Brown Holdings while it was committing massive fraud is about to be handed a major role in the reconstruction of Iraq.Notwithstanding that the company he helped to take public and govern lied and swindled its way to riches for insiders at the expense of shareholders, clients and the insurance industry in general, the career of Reuben Jeffery III has prospered.

AlphaStar Insurance Services sued in New Jersey

July 31, 2003
AlphaStar Insurance Services Inc., formerly Stirling Cooke Insurance Services Inc., has been named as a defendant in a civil lawsuit filed in the United States by a construction group. The complaint was filed at the U. S. District Court for the District of New Jersey on June 30, 2003 by Casalino Interior Demolition Corp., Castle Demolition Corp., formerly Casalino Demolition Corp.; Sajac Management Corp., Castle Sanitation Corp., formerly Casalino Sanitation Corp.; Citywide Recycling Corp. and Casalino Construction Corp. of New York, all registered in New York.

Stirling Cooke loses High Court judgment to Sphere Drake Insurance

July 8, 2003
Two UK subsidiaries of the Bermuda-based AlphaStar Insurance Group, formerly Stirling Cooke Brown Holdings, have lost a UK High Court judgment that has implications for many related reinsurance lawsuits and arbitrations around the world.AlphaStar's share price fell from 13 cents to seven cents per share after the judgment was released today and many in the industry expect the decision to render the long-troubled firm insolvent.

MRM subsidiaries to go into liquidation, judge criticizes Pennsylvania regulator

June 30, 2003
A Pennsylvania judge has criticized state insurance regulators in the United States and reinsurers for failing to save two property and casualty subsidiaries of Bermuda-based Mutual Risk Management. On June 26, Judge Mary Hannah Leavitt granted petitions from Pennsylvania Insurance Commissioner Diane Koken to liquidate Legion Insurance Co. and Villanova Insurance Co.

ESG Re attempts to block arbitration by Reinsurance Services of Princeton

June 30, 2003
An underwriting subsidiary of Bermuda-based ESG Re has taken legal action in the United States in an attempt to prevent Reinsurance Services of Princeton from initiating arbitration proceedings against it. ESG Reinsurance Ireland Ltd., formerly known as European Specialty Reinsurance (Ireland) Ltd., filed a motion to enjoin arbitration against RSP at the U. S. District Court in New Jersey on April 11, 2003.

Bermuda captive is defendant in four class action lawsuits in US

June 30, 2003
Bermuda-based captive First Virginia Reinsurance Ltd. has been named as a defendant in four class action lawsuits filed in the United States on behalf of thousands of physicians, hospitals, clinics and attorneys. The lawsuits are on behalf of all parties in the U. S. who bought malpractice liability insurance coverage through Reciprocal of America, now in receivership, and/or affiliated parties from January 1, 1991 to January 31, 2003.

New lawsuit filed against Mutual Risk Management

May 31, 2003
One new civil complaint was filed against Mutual Risk Management in May - a month when the group announced a restructuring through a Scheme of Arrangement in an attempt to stave off liquidation.The action was brought by Stephen Friedberg against

Steamship Mutual seeks to attach assets of allegedly delinquent member

April 30, 2003
A Bermuda-based P&I Club is seeking to garnish $303,936 of assets belonging to a Connecticut-based marine vessel owner which has allegedly failed to pay its membership premiums.The Steamship Mutual Underwriting Association (Bermuda) Ltd. filed a complaint for garnishment against Sea Oil Shipping Ltd., of Greenwich, Connecticut, at the U. S. District Court for the Southern District of New York on February 24, 2003.

S.E.C.U.R.E. (Bermuda) sued over termite damage claim

April 30, 2003
A Bermuda-registered insurer is being sued in the United States for alleged failure to pay $419,000 to cover a judgment awarded against one of its insureds.S.E.C.U.R.E (Bermuda) Ltd., which is managed by Bermuda-based Symphony Management Ltd., is a defendant in two related lawsuits filed at the U. S. District Court for the Northern District of Alabama

Tamil Tigers terrorist attack leads to insurance claim against Hellenic Mutual

April 30, 2003
A Bermuda-based mutual insurer is involved in a claims dispute with a member whose freight vessel M/S Athena was blown up in Sri Lanka in a suspected attack by Tamil Tiger terrorists.Hellenic Mutual War Risks Association (Bermuda) Ltd., its manager, Thomas Miller; brokers and others are being sued in New York by Sea Trade Maritime Corp. after its claim was only partially satisfied.

Grenada revokes licenses of bank and insurers

April 30, 2003
The Grenada International Financial Services Authority has revoked the licenses of one offshore bank and four offshore insurers and issued warnings against three other companies that have no licenses.The companies whose licenses have been revoked, as reported by the Associated Press, are: Allied General Bank Ltd., Acclaim General Insurance Co. Ltd., Caribbean American Professional & Casualty Insurance Co. Ltd., Inter-American Professional & Casualty Insurance Co. Ltd., United Assurance Co. Ltd. and Insurance Financial Risk Inc.

ESG Re officers buy stock

April 30, 2003
ESG Re senior officers have been buying the firm's shares recently, notwithstanding its awful performance, culminating in its de-listing by Nasdaq effective February 3.

Clarendon America obtains judgment against Ray Stocks in $40 m fraud action

April 30, 2003
Clarendon America Insurance Company has obtained a default judgment against one of four defendants accused of causing the insurer damages of at least $40 million due to fraud.Judgment was entered against Lyndal Ray Stocks, a.k.a. Ray Stocks, of Houston, Texas, on February 7, 2003 at New York State Supreme Court. The court has yet to order a penalty.The case against co-defendants Eton Management Corp., registered in Delaware but based in New York; Martin Hoffman, of Bal Harbor, Florida; and his son, Wade Hoffman, of New York, is ongoing.

Centre Solutions/Zurich Insurance Group accused of fraud

April 30, 2003
Not for the first time, the Centre Solutions/Zurich Insurance Group has been accused of ripping off insolvent insurers not long before they went bust, allegedly enriching itself at the expense of creditors.Several entities and individuals within the group are involved in litigation with the California State Insurance Commissioner.The Commissioner is seeking to void and recover $202 million of allegedly fraudulent transfers and recover damages for losses suffered under the commutation of a reinsurance agreement.

Default judgment entered against Cayman Reinsurance

April 30, 2003
A Florida court has granted a motion for a default judgment against two Cayman companies which allegedly defrauded a United States citizen of $550,000.The order was entered against Cayman Reinsurance Group and CRG Advisors Ltd. on March 26, 2003 after their registered agent, Cayman-based law firm Walkers, did not respond to a complaint filed in 2002. The case against co-defendants Wentworth Capital Ltd., of Switzerland; and Frank C. Blunt Jr., Ann Wentworth Blunt and Gavin C. Blunt, all of Florida, is ongoing.

Texas broker sues The Imagine Group

March 31, 2003
A Texas-based reinsurance broker has filed a lawsuit alleging trademark infringement against The Imagine Group, a Bermuda-based finite risk reinsurer. Vision Reinsurance Intermediaries Inc., of Dallas, brought the action at the U. S. District Court for the District of Puerto Rico on January 17, 2003.

Trenwick shares begin trading on OTCBB after NYSE de-listing

March 31, 2003
The shares of Trenwick Group Ltd., whose legal headquarters are in Bermuda, have begun trading on the over-the-counter bulletin board market after being suspended by the New York Stock Exchange. Both its common shares and the Series A Perpetual Preferred Stock of its Bermuda-based subsidiary LaSalle Holdings Ltd. are listed, under the symbols "TWKGF" and "LSRAF", respectively.

Auditor pessimistic about Annuity & Life Re

March 31, 2003
Auditor KPMG stated in an SEC filing on March 21 that there is "substantial doubt" about the ability of Annuity & Life Re to continue as a going concern. The comment was made in a note to the financial statements dated February 11, 2003 that was part of an amended annual report for fiscal 2001 that contained restated figures. The auditor cited "significant losses from operations and experienced liquidity demands".

AlphaStar Insurance agrees to sell Realm National Insurance

March 31, 2003
Two months after talks were disclosed in InsideBermuda, AlphaStar Insurance Group Ltd. announced on March 25 that it has agreed to sell three of its subsidiaries for approximately $9 million. AlphaStar, formerly Stirling Cooke Brown Holdings, has entered into a "definitive agreement" with American Insurance Managers Inc., of Atlanta, Georgia.

Annuity & Life Re becomes penny stock, stops writing new business

February 28, 2003
Annuity & Life Re shares collapsed to penny stock status on February 25 - the days after the firm announced it had ceased writing new business and was expecting "significant losses" for the fourth quarter. Its shares closed at 76 cents, compared with $18 per share only seven months ago and $35 per share 11 months before that. The company went public in April, 1998 at $15 per share.

MRM seeks protection at US Bankruptcy Court

February 28, 2003
Mutual Risk Management has filed a bankruptcy petition in the United States and is seeking an automatic stay of all of the legal proceedings that have been filed against it and a ban on new actions.

Cayman-based businessman takes stake in distressed Bermuda insurance firm

February 28, 2003
Cayman Islands-based businessman Kenneth B. Dart, whose family made a fortune in the Styrofoam cup business, has acquired a 5.7 per cent stake in financially crippled Mutual Risk Management. Dart's firm Ross Financial Corporation, which is domiciled in Cayman, has acquired 2,377,600 common shares, according to a Dart-signed document dated February 13, 2003 that was filed with the SEC.

Dubious offshore insurer sued by unregulated ‘$9 billion’ US investment fund

February 28, 2003
An unregulated investment fund claiming to have $9 billion of assets but operated from a private residence in Florida is suing an offshore insurer based on an island that purports not to license such firms. Florida-registered Growth Fund Partnership Inc. is claiming breach of contract and fraud against Nevis-registered Condor Insurance Ltd. regarding a financing deal.

Stirling Cooke accuses US firm of trying to steal subsidiary

January 31, 2003
A U. S.-based insurance manager has been accused of trying to "steal" an underwriting subsidiary of AlphaStar Insurance Group Ltd., previously known as Stirling Cooke Brown Holdings. American Insurance Managers Inc. entered into a "non-binding" agreement on October 2, 2002 to buy AlphaStar's New York-based underwriter Realm National Insurance, for $12 million.