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Scottish Annuity appoints former UK Government Minister to Board

December 31, 2001
Scottish Annuity & Life Holdings has appointed a former member of the governments of UK Prime Ministers Margaret Thatcher and John Major as a director.Additionally, a deal that will make Pacific Life Insurance Company Scottish Annuity's largest shareholder has now been approved by Scottish Annuity's shareholders and regulators.

Problems worsen at Mutual Risk Management

December 31, 2001
Mutual Risk Management's problems worsened in December when the firm announced that it expects to report a fourth-quarter loss after putting aside $30 million to pay larger than expected claims.This prompted an immediate negative response from credit rating agencies, with Standard & Poor's raising "concerns" about the ability of the firm's management to pull it through its crisis.

Stirling Cooke name change halted due to clash

December 31, 2001
Goldman Sachs-controlled Stirling Cooke's proposed name change to Atlantic Star Insurance Group Ltd. has been halted at the eleventh hour after it was discovered the name clashed with an existing firm. Curious as to why the company had not yet effected a name change that was approved at Stirling Cooke's AGM as long ago as May 23, 2001, InsideBermuda asked Stirling Cooke for an explanation.

Everest Re seeks to have arbitration ruling overturned

December 31, 2001
Everest Reinsurance Company, whose parent company is domiciled in Bermuda, is being sued in Texas by an insurer seeking to enforce an arbitration award.American National Insurance Company filed the lawsuit at the United States District Court for the Southern District of Texas on December 7, 2001.

XL Capital and PartnerRe report Enron losses

December 31, 2001
XL Capital and PartnerRe had at least two things in common in December - they both announced large exposures relating to the collapse of Enron Corp. and they both filed shelf registration statements with the SEC.The registrations will allow them to sell up to $2.1 billion worth of securities, with XL accounting for $1.5 billion of that amount and PartnerRe $600 million.

Delphi International shareholders to vote on liquidation

December 31, 2001
Bermuda-registered Delphi International Ltd. is scheduled to hold a Special General Meeting on the island on January 8, 2002 at which shareholders will vote on proposals for the firm's liquidation.The proposals to be considered were outlined in a Proxy Statement filed with the SEC on December 18, 2001.

Carolina Re is forced into liquidation

December 31, 2001
Losses from the World Trade Center terrorist attack have claimed their first victim in Bermuda, with the forced liquidation of Carolina Reinsurance Limited.Carolina Re was a Class 3 insurer that was formed in Bermuda in 1984 and managed by Westbroke Ltd., which is operated by the law firm of Conyers, Dill & Pearman.

Carolina Reinsurance Ltd.: Section 304 Petition

December 5, 2001
Section 304 Petition for Assistance in Insolvency Proceedings in Bermuda by Gareth Hughes and John McKenna, as the Foreign Representatives of Carolina Reinsurance Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

ACE takes legal action against John Charman

November 30, 2001
ACE Ltd. has taken legal action against former executive John Charman to enforce provisions of his termination agreement that restrict his business activities until March 17, 2002.ACE filed an action at the High Court of Justice, Queens Bench Division, in

Stirling Cooke discloses that CIRCL is insolvent

November 30, 2001
Goldman Sachs controlled Stirling Cooke Brown's problems worsened this month as the firm announced that its reinsurance subsidiary, Comp Indemnity Reinsurance Company Ltd., had become insolvent.News of CIRCL's insolvency was contained in the firm's 10Q filing with the SEC on

World Trade Center leaseholder sues ACE and XL Capital

November 30, 2001
The leaseholder of the World Trade Center this week filed suit against ACE Ltd. and XL Capital Ltd. in November seeking to force them to resolve disputes over insurance claims relating to September 11. Larry Silverstein is asking the court

Bermuda Commodities Exchange goes into liquidation

November 30, 2001
The AIG sponsored Bermuda Commodities Exchange, which was trying to pioneer the trading of insurance derivatives,, has gone into voluntary liquidation.A legal notice published in Bermuda stated that the Exchange "cannot by reason of its liabilities continue its business".The Bermuda

New England International Surety boss Hendrik Rienstra arrested

October 31, 2001
The 72 year old principal of a Panama domiciled company that allegedly provided sham insurance for investment scams has been arrested in Belgium, where he is based.Hendrik Rienstra, of New England International Surety Co. Inc., was among six people arrested

George Jones steps down as Stirling Cooke’s CFO

October 31, 2001
Stirling Cooke Brown Holdings Ltd. has announced that George W. Jones "at his own request and for personal reasons, has relinquished his duties as Chief Financial Officer for an indefinite period of time"."Mr. Jones will take on new responsibilities relating to resolution of reinsurance disputes and other special projects," stated an announcement on October 22.

Aneco Re wins ruling over Johnson & Higgins

October 31, 2001
Bermuda-based Aneco Reinsurance Underwriting Ltd., which went into liquidation in 1991/92, has won a House of Lords ruling that might render it solvent.In a decision dated October 18, 2001, the House of Lords dismissed by four to one an appeal by broker Johnson and Higgins against a lower court's decision to award $35 million to Aneco Re.

Appeals court rules in favor of UPS in tax dispute with IRS

September 30, 2001
The 11th Circuit U.S. Court of Appeals in the United States has denied a petition of the IRS Commissioner to rehear its earlier decision in favor of United Parcel Service Inc. in relation to the legality of its now defunct

Mutual Risk Management sued by law firm in dispute over fees

September 30, 2001
Mutual Risk Management Ltd. and two of its subsidiaries have been named as defendants in a civil lawsuit filed in California under the Racketeering Influenced and Corrupt Organizations Act.The action has been brought by Los Angeles based law firm Hollins

MRM completes corporate restructuring

September 30, 2001
Mutual Risk Management announced on September 20 that it had completed the restructuring of its operations into two separate holding companies.One of the holding firms will be for its Specialty Insurance company business and the other for its Corporate Risk

Mark Hardy makes applications to Bermuda Supreme Court

September 30, 2001
Mark Hardy made two applications to Bermuda Supreme Court on September 27, 2001 in relation to his former insurance group, which collapsed ten years ago.One of Hardy's legal actions was against Peter Mitchell, as liquidator of Aneco Reinsurance Underwriting Co.

Overseas Partners takes painful measures

August 31, 2001
Overseas Partners Ltd. has taken measures that it described as "painful" to preserve its capital after losing 36 per cent of it in a little over 12 months.These include suspending its share repurchase program, lowering the "fair value" of the firm's shares to $14.50 per share and reducing the dividend from 45 cents to 25 cents per share, effective August 8.

Fraud charges brought in Merrion Re investigation

August 31, 2001
Three people linked with an Irish-based reinsurer which Grenada-registered Windsor International Bank and Trust claimed was guaranteeing its high yield investments have been charged with conspiracy to defraud.Darren Louis Thomas, Leslie Gerald Hursey and David Graham Da Costa, of Merrion Reinsurance, were charged on July 19, 2001 at the City of London Magistrates Court, in England.

Stockholm Re creditors to receive 30 cents on the dollar

August 31, 2001
Creditors of Stockholm Re (Bermuda) Ltd., which went into liquidation in January, 1995, are likely to receive just 30 cents on the dollar when all is said and done. A spokesman for liquidator Deloitte & Touche in London said that a dividend of 20 cents on the dollar was paid to creditors at the end of May, 2001, with a second dividend due to follow later this year.

Fraud charges brought in Merrion Re investigation

August 31, 2001
An offshore reinsurer run by people with links to the Dai Ichi Kyoto/Kobe Re/North American Fidelity & Guarantee scandal in the 1990s, which was partly based in Bermuda, is being investigated for fraud.Three principals of Irish-based reinsurer Merrion Reinsurance have been charged in the United Kingdom with conspiracy to defraud.Darren Louis Thomas, Leslie Gerald Hursey and David Graham Da Costa, of Merrion Reinsurance, were charged on July 19, 2001 at the City of London Magistrates Court, in England.

Cayman Government sues Caribbean Home Insurance

August 31, 2001
The Cayman Islands government has filed a US$6 million lawsuit against Caribbean Home Insurance Company for alleged non-payment of 44,699 claims.The action, which was filed at the Grand Court of the Cayman Islands on June 15, 2001, also accuses the insurer of unilaterally trying to vary the terms of the government's Group Insurance Policy.

FIBG founder viewed porn while fleecing investors

August 5, 2001
First International Bank of Grenada founder Van Brink appears to have spent much of his time viewing pornography over the Internet while clients were being fleeced, according to investigators. An analysis of a hard-drive taken from a computer used by Brink in Grenada showed that "about 80 per cent" of the settings on his Internet browser were pointed at porn sites, OffshoreAlert was told.

Willis Group enters Odyssey Re-Stirling Cooke lawsuit

July 31, 2001
Bermuda-registered broker/risk manager Willis Group Holdings has applied to intervene in a civil lawsuit filed by Odyssey Re against Stirling Cooke Brown Holdings and others at the High Court in London. Willis, which is effectively seeking to become a defendant, is also believed to have filed a separate lawsuit against Stirling Cooke, apparently in order to cover all liability scenarios.

UPS and Overseas Partners celebrate tax court decision

June 30, 2001
A US appeals court has overturned a 1999 decision that a reinsurance program operated by UPS and Bermuda-based Overseas Partners Ltd. amounted to tax evasion.The Eleventh Circuit Court of Appeals said the reinsurance program, which covered extra package insurance for UPS clients, was not a "sham transaction", as determined by the IRS and Tax Court.

Stirling Cooke shareholders approve name change

June 30, 2001
Stirling Cooke Brown's shareholders voted at its AGM on May 23 to approve changing the firm's name to Atlantic Star Insurance Company Ltd. - a move which was disclosed two months ago in InsideBermuda. The make-over is part of a continuing attempt by the company to rid itself of the stench of its founders Nicholas Brown and Mark Cooke.

Sentinel investigators slam Bott and Associates

June 30, 2001
Insurance management firm Bott and Associates has been strongly criticized by Bermuda's Registrar of Companies for its lack of help with an investigation into Sentinel Insurance Company.In an affidavit filed at a U. S. Bankruptcy Court, Jeremy Cox stated that Sentinel's Bermuda representative had shown "a disturbing lack of co-operation" with an inquiry into what appears to have been a massive fraud.

XL Capital controls 18.5% of Mutual Risk Management following deal

June 30, 2001
XL Capital is now by far the biggest shareholder in Mutual Risk Management following an XL-led $112 million financing deal that saved the troubled firm from having its ratings lowered.As of June 15, 2001, XL Capital was the beneficial shareholder of 18.5 per cent of MRM's common, according to a recent filing with the SEC.

Sham insurer run by Harris Organization sued by victims

June 30, 2001
A sham insurer operated by The Harris Organization financial services group of Panama is being sued by creditors of Lifeblood Biomedical Inc., which is in bankruptcy in the United States.Threshold Insurance Services Ltd. has been accused of providing "fictitious insurance coverage" for about $10 million of Promissory Notes issued by Lifeblood Medical, which itself was a sham firm.

John McGarrity given bail and an ankle bracelet

June 30, 2001
Former Bermuda and Bahamas insurance businessman John Keith McGarrity is currently out on bail and wearing an ankle bracelet around Tampa, Florida after being arrested in Texas on May 31.McGarrity was detained after entering the US on a fake passport in Houston, according to a regulatory source.

International Risk Management Group fighting $200 m lawsuit

June 30, 2001
Captive manager International Risk Management (Bermuda) Ltd. is fighting a $200 million lawsuit filed in the United States by British-based minerals giant Rio Tinto PLC.In the lawsuit, IRMBL has been accused of mismanaging Rio Tinto's Bermuda-registered captive, Three Crowns Insurance Company Ltd., by failing to obtain adequate reinsurance coverage.Other defendants are Three Crown's reinsurance brokers: Minet Ltd., Alexander & Alexander of California Inc., Jardine Insurance Brokers Inc., Emett & Chandler Inc., Aon Risk Services Inc. of Northern California Insurance Services and Aon Corporation.

Would-be investor in Resource Underwriters accused of fraud

June 30, 2001
The potential embarrassment that Bermuda avoided by not granting a license to Robin Spencer-Arscott's Resource Underwriters in 1997 has been hammered home by an SEC lawsuit filed in the United States.The man whom Spencer-Arscott claimed was providing Resource's $30 million start-up capital, New York State-based Steven Blumhagen, has been accused of masterminding a $12 million investment fraud.Steven D. Blumhagen and his wife, Susan, who are both 50, are defendants in a civil lawsuit filed last year at the United States District Court for the Western District of New York.

John McGarrity arrested in Texas

June 4, 2001
John Keith McGarrity, who is a former insurance officer in both Bermuda and the Bahamas, was arrested on May 31 in Houston, Texas after entering the United States on a fake passport, according to a US regulatory source.   A bond hearing was held on Friday, June 1 and we do not yet know whether he was released or remanded in custody.

Bermuda Insurance Market: Six profits and two losses for Q1-2001

May 31, 2001
XL Capital and ACE reported the biggest profits of the eight Bermuda publicly listed insurance firms who this month reported their results for the quarter ended March 31, 2001.There was more bad news for Stirling Cooke Brown Holdings and John

MRM boss Robert Mulderig part of $112 million financing consortium

May 31, 2001
Mutual Risk Management Chairman and CEO Robert Mulderig was part of the consortium that recently agreed to inject $112.5 million into the ailing company, it has been disclosed.Mulderig's participation was publicly released for the first time in a filing with

Indictment left Clarendon MGA ‘too depressed’ to work

May 31, 2001
A former Managing General Agent for the Clarendon Insurance Group and business associate of Stirling Cooke who claims that a criminal indictment left him too depressed to work is suing an insurer for stopping his disability payments. David R. Sanz, 39, claims that he is still incapacitated even though he was acquitted of racketeering, grant theft and fraud by a jury in Florida more than two years ago.

Norway: Torstein Kjell Hauge

May 31, 2001
Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Norway into Torstein Kjell Hauge for alleged bank fraud, insurance fraud, and false or fraudulent representations.

Scottish Annuity announces move from Cayman to Bermuda

April 30, 2001
The Cayman Islands suffered a blow when it was announced on April 23 that the only major international commercial reinsurer with a physical presence there was relocating to Bermuda.Scottish Annuity & Life Holdings Ltd. is applying to de domicile both

Unusual trading in MRM stock before $112 m financing announcement

April 30, 2001
Trading in Mutual Risk Management shares displayed unusual patterns hours before the official announcement that the troubled firm had obtained a $112 million financing package, we can disclose.MRM's share price plummeted from above $5 to $3.40 in early trading on

Windsor International Bank told to remove references to Merrion Re

April 30, 2001
A Grenada-licensed bank founded by a dentist has been told to remove references on its web-site to a reinsurer that purportedly "guarantees" the bank's high yield investment products. Darren Thomas, a Director of Merrion Re, of Dublin, Ireland, told OffshoreAlert that references to the reinsurer on the site of Windsor International Bank & Trust had been "put there in error".

Stirling Cooke plans name change to ‘Atlantic Star Insurance’

April 30, 2001
Stirling Cooke Brown Holdings plans to change its name to Atlantic Star Insurance Group Limited as part a re-branding of the beleaguered broker. Shareholders will vote on the name change at the company's annual general meeting on May 23, according to the company's recent Proxy filing with the SEC.