Insurance

SHOWING:

1551 to 1600 of 2048 results
  

Sort By:

Search

Filter By:

Topics

show more show less

Jurisdictions

show more show less

Allegations

show more show less

Goldman Sachs sells AlphaStar shares for one-third of market price

January 31, 2003
Goldman Sachs has sold its entire 22.9 per cent stake in AlphaStar Insurance, formerly Stirling Cooke, back to the company for five cents per share - about one third of its current trading price. Goldman was keen to sell so that its investment vehicles could take a write off before the end of the tax year and agreed to buy at a discount to avoid creating the appearance of self-dealing, AlphaStar's CEO, Stephen Crane, told InsideBermuda.

GenStar v. Platinum Indemnity lawsuit settled

January 31, 2003
A civil lawsuit filed by General Star Indemnity Company against Bank of America and Bermuda-based rent-a-captive Platinum Indemnity Ltd. has been settled. The settlement was registered with the United States District Court for the Southern District of New York on October 29, 2002.

Centre stops writing credit enhancement business

December 31, 2002
Zurich Financial Services has announced that its subsidiary group of companies, Bermuda-based Centre will no longer write new credit enhancement business."The structured finite risk insurance and reinsurance business of Centre, however, will continue to be a core function of the Zurich Group," stated a press release dated December 4, 2002.

Sovereign Risk signs agreement with Asian Development Bank

December 31, 2002
Sovereign Risk Insurance Ltd. has signed what it is proclaiming as "a landmark political risk insurance agreement" with the Asian Development Bank for a project in Vietnam.Sovereign is supporting ADB's Political Risk Guarantee that covers a commercial financing tranche for the Phu My 2.2 gas-fired power project, stated a press release dated December 17, 2002.

Suncor Energy joins sEnergy Insurance

December 31, 2002
Canada-based Suncor Energy is to become a member of Bermuda-registered sEnergy Insurance Ltd., effective January 1, 2003.sEnergy was established in Bermuda in May, 2002 to provide large limits of coverage for business interruption and excess physical damage insurance.

PXRE enters into quota share reinsurance agreement

December 31, 2002
PXRE Group Ltd. has entered into a quota share reinsurance agreement with P-1 Re Ltd., a newly formed special purpose Bermuda reinsurer capitalized by a group of private institutional investors.This reinsurance agreement provides PXRE with $194 million in funded reinsurance protection against property catastrophe, marine, aviation, satellite and per-risk losses over the next two years.

Overseas Partners reports $211 million quarterly loss

December 31, 2002
Bermuda-based Overseas Partners Ltd., which went into run off in February, 2002, has reported a net loss of $211 million, or $1.77 per share, for the quarter ended September 30, 2002.OPL's comprehensive loss, which also includes changes in unrealized gains and losses on its investment portfolios "classified as available for sale", was $95.7 million.

Aspen Insurance forms in Bermuda with $200 million of capital

December 31, 2002
Aspen Insurance Ltd. became the latest Class 4 insurer - the category for the biggest entities - to form in Bermuda on November 6, 2002.Aspen Insurance Ltd. has been capitalized at $200 million, a small number compared with its contemporaries, and will specialize in property and casualty reinsurance.

Meeting for MRM creditors to discuss Scheme of Arrnagement

December 31, 2002
Major creditors of Mutual Risk Management Ltd. are scheduled to meet in Bermuda on February 5, 2003 at which they will be asked to approve a proposed Scheme of Arrangement for the financially-troubled firm.Under the proposals, senior debt-holders would become the majority owners of current MRM-subsidiary MRM Services Ltd., doing business as IAS Park.

Stirling Cooke sues American Insurance Managers, et al

December 31, 2002
Stirling Cooke North American Holdings Inc., AlphaStar Insurance Group Ltd. and Realm National Insurance Company filed a civil lawsuit at the U. S. District Court for the Southern District of New York on December 27, 2002 alleging breach of contract against American Insurance Managers Inc., American Insurance Management Group Inc. and Atlanta Insurance Marketing Inc.

Endurance Specialty announces $200 million IPO

December 31, 2002
Almost 12 months to the day after it began operations, Bermuda-based Endurance Specialty Holdings Ltd. filed a registration statement with the SEC to raise up to $200 million in an initial public offering.Endurance Specialty, which provides property and casualty insurance and reinsurance, intends to list on the New York Stock Exchange under the ticker 'ENH'.

Carolina Re insiders sued over $485 m dividend payouts

December 31, 2002
The Joint Liquidators of Bermuda-registered Carolina Reinsurance Ltd. have filed a civil lawsuit in the United States against the firm's shareholders and auditor.They are seeking damages for tens of millions of dollars of dividends they claim were taken out of the company when it was insolvent.

Six class action lawsuits filed against Annuity & Life Re

December 31, 2002
No fewer than six class action lawsuits were filed against Annuity & Life Re (Holdings) Ltd. in December, 2002 at federal court in Connecticut.The complaints, which will eventually be consolidated into one action, were filed less than a month after the firm announced it was re-stating its financial results for 2001, 2001 and the first half of 2002, causing its share price to plummet by as much as 44 per cent.

ACE announces Lloyd’s of London capacity cutback

December 31, 2002
ACE Ltd. announced on December 4 that it is to cut its underwriting at the Lloyd's of London insurance market by more than a third next year.ACE, which is one of the largest investors at Lloyd's, will cut its capacity to approximately $1 billion (£650 million) in 2003 from about $1.4 billion this year.

More problems for ESG Re as auditor resigns

December 31, 2002
John Head's ESG Re announced in December that Deloitte & Touche had resigned as its auditor and withdrawn its audit for fiscal 2001 and review reports for three quarters, including the first half of 2002.

Security Trust Insurance Limited

December 9, 2002
Advisory Warning against Security Trust Insurance Limited by the British Virgin Islands Financial Services Commission.

Five of seven Bermuda insurers report Q3 losses

November 30, 2002
Five of the seven Bermuda insurers reinsurers reported losses for the quarter ended September 30, 2001, with PartnerRe leading the way with a loss of $338.5 million, although the firm that appears to be on its last legs is Stirling

Only one of six Bermuda insurers reports Q3 profit

November 30, 2002
Only one of the six Bermuda based, publicly listed insurers which reported quarterly results in November made a profit. The fact that it was its arch rival, Scottish Annuity & Life Holdings, was salt in the massive wounds currently being

Arthur Andersen captive seeks Scheme of Arrangement

November 30, 2002
Arthur Andersen's Bermuda registered captive, Professional Services Insurance Company Ltd., is seeking to enter into a Scheme of Arrangement with its creditors.An order was issued at Bermuda Supreme Court on November 14, 2002 granting the firm's application to meet with

Former offshore insurance officer flees US despite monitoring device

November 30, 2002
A suspected fraudster who has worked in the insurance industry in Bermuda and the Bahamas has gone on the run again despite being fitted with an electronic monitoring device.John Keith McGarrity was fitted with the monitoring device after being arrested

Mutual Risk Management finally files 2001 financials

November 30, 2002
At a time when Mutual Risk Management was desperate for cash to meet its liabilities, its then Chairman and CEO, Robert Mulderig, owed the firm an advance of $318,303, according to an SEC filing. Details of the debt, which has

United Kingdom: Francis Sherman et al

November 26, 2002
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into alleged tax fraud involving Seawise Insurance Consultants Limited.

Robert Mulderig replaced by David Ezekiel at MRM

November 5, 2002
Robert Mulderig has retired as Chairman and CEO of financially troubled Mutual Risk Management Ltd., effective November 1, 2002, according to an MRM filing with the SEC. He has been replaced by David Ezekiel, who is President and Managing Director

Max Re changes its business strategy

October 31, 2002
In the same month it warned the market that it would report a loss for the third quarter, Max Re announced a change in its business strategy."In response to market conditions", stated Max Re, the firm "now plans to write

Q3 2002 results of Bermuda insurers

October 31, 2002
ACE Ltd. was the only loss maker of the four Bermuda based, publicly listed insurers that reported their third quarter earnings in October, with RenaissanceRe, XL Capital and IPC Holdings reporting profits.Also reporting a profit was the unlisted Allied World

Trenwick & Annuity and Life dropped from Bermuda Insurance Index

October 31, 2002
Struggling Bermuda insurers the Trenwick Group and Annuity & Life Re have been dropped from the Bermuda Stock Exchange Bermuda Insurance Index, while Montpelier Re has been added."This announcement is made in accordance with Section 4.2 of the Ground Rules,

AXIS Specialty completes purchase of Connecticut firm

October 31, 2002
AXIS Specialty Limited announced on October 7, 2002 that it had completed the acquisition of Connecticut Specialty Insurance Company.The company, which will be renamed AXIS Specialty Insurance Company, is domiciled in Connecticut and is a surplus lines insurer throughout most

Annuity & Life Re extends credit facility

October 31, 2002
Annuity and Life Re, whose stock has plummeted from $26 to $4 per share this year, has reached an agreement with Citibank to extend its $49 million unsecured letter of credit facility into 2003.Under the agreement, Annuity and Life stated

Allied World Assurance opens office in Dublin

October 31, 2002
New Bermuda based insurer, Allied World Assurance Holdings, has been granted a license to commence business in Dublin, Ireland."The location will be the European head office of Allied World Assurance Holdings (Ireland) Ltd and will operate through its wholly owned

XL Capital partners with PlusFunds in hedge fund industry

October 31, 2002
XL Capital has formed a strategic relationship with PlusFunds Inc. to support the development of investment products based on Standard & Poor's latest index, the S&P Hedge Fund Index."The Index is designed to be investable and representative of the broad

MRM allegedly offers $100 million to settle Legion claims

October 31, 2002
Mutual Risk Management has made a $100 million offer to the Pennsylvania Insurance Department to settle all claims relating to its subsidiary in rehabilitation, Legion Insurance Co., it has been claimed.Details about the purported offer are contained in the latest of several civil lawsuits filed by clients and shareholders against the MRM group in the United States and Bermuda.

Auditor Deloitte & Touche seeks to avoid Carolina Re depositions

October 31, 2002
Deloitte & Touche is attempting to prevent the liquidators of Bermuda-registered Carolina Re from deposing five of its staff, including two based in Bermuda.Carolina Re's auditor has already lost one motion to quash subpoenas of its employees at the United States Bankruptcy Court for the Southern District of New York and is now seeking leave to appeal.

Sovereign Risk writes policy in Costa Rica

September 30, 2002
Sovereign Risk Insurance Ltd. has completed a political risk insurance policy for a capital markets transaction in Costa Rica. The policy was issued in support of a $49.7 million securitization of residential mortgage backed bonds, the first such securitization in

European floods cause losses for ACE and PartnerRe

September 30, 2002
The recent European floods led to announcements of potential losses in September by ACE and PartnerRe.ACE, which is due to releases its latest earnings on October 29, stated that its third quarter operating income will be hit "by approximately $90

Mutual Risk Management companies fight Companies Act applications

September 30, 2002
Two lawsuits that may be winding up petitions have been filed against companies that are part of the Mutual Risk Management Group.Both actions were filed at Bermuda Supreme Court under The Companies Act 1981, according to a source. This is

PartnerRe dragged into weather-related insurance dispute

September 30, 2002
PartnerRe's United States based operation has been dragged into litigation over who is responsible for paying $29 million of losses relating to weather derivative contracts covering 'special events'. PartnerRe was named as a third party defendant in a complaint filed

RenRe goes Platinum

September 30, 2002
RenaissanceRe Holdings announced on September 23 that it was buying 3.96 million shares of Platinum Underwriters Holdings Ltd.The purchase was through a private placement concurrent with the closing of Platinum's announced initial public offering of its common shares and the

ESG Re hires independent consultant Sharyn Ashman

September 30, 2002
ESG Re, whose share price has plummeted to below $1, has retained Sharyn A. Ashman CPA as an independent consultant to review the firm's internal financial controls."The review was initiated after the Company restated results, as previously announced on August

Stirling Cooke changes name to AlphaStar Insurance Group

September 30, 2002
Crisis firm Stirling Cooke Brown Holdings has changed its name to AlphaStar Insurance Group Ltd., effective September 30, in its latest attempt to shed itself of its poor image.The firm stated that its "Board of Directors had decided that a

D’Artagnan forms in Bermuda and two more reinsurers could be coming

September 30, 2002
A new reinsurer provisionally called D'Artagnan has become the latest to form in the Bermuda market, according to a report UK press reports.Insurance Day, The Daily Telegraph and Post Magazine all reported the formation of the reinsurer in reports published

New lawsuits filed against Mutual Risk Management

August 31, 2002
Three new civil lawsuits - one in Bermuda and two in the United States - have been filed against members of the Mutual Risk Management group.On July 30, 2002, Aegis Corporation and Principal Insurance Managers filed an action against Mutual Indemnity (Bermuda) Ltd. at Bermuda Supreme Court.

Former Mentor Insurance underwriter fights fraud indictment

August 31, 2002
An underwriter who helped cause one of Bermuda's biggest ever insurance failures is awaiting trial in the United States on insurance fraud charges relating to another company.Michael Leslie Hodnett, a 54-year-old British national, has been charged with five counts of fraud and five counts of insurance crimes affecting interstate commerce at Federal court in Florida.

Letter from Bermuda: Insurance boom comes with its own set of problems

August 31, 2002
Since the mid-1980s, Bermuda's insurance sector has grown to become the island's main source of business. The protracted, relentless collapse of the tourism sector since 1989 has eroded the notion that Bermuda leans on "twin pillars" of industry. One-third, probably, of Bermuda's overnight visitors are now here on business. Risk-related business fills a larger fraction of Bermuda-bound airline seats.

California lawyer jailed for trying to defraud ACE

August 31, 2002
A Beverly Hills lawyer who tried to defraud an ACE-owned insurance company over a sunken yacht has been imprisoned for seven and half years, according to a report in The Royal Gazette newspaper.Rex K. DeGeorge was also fined $2.8 million for filing a fraudulent claim with Cigna Property and Casualty Insurance Company, reported the newspaper.

Trenwick Group seeks $55 million from European Re

July 31, 2002
Trenwick Group Ltd. has started an arbitration proceeding seeking $55 million in damages and other relief against European Reinsurance Company of Zurich, a subsidiary of Swiss Reinsurance Company.The claims arise out of European Re's alleged failure to meet its obligations under a Catastrophe Equity Securities Issuance Option Agreement with Trenwick, stated a Trenwick press release dated July 1.

Stirling Cooke’s broking MD resigns

July 31, 2002
The Managing Director of Stirling Cooke Brown's London broking operations, now renamed Gresham Intermediaries, has resigned after less than 12 months with the group.