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Clarendon America/Eton Management involved in premiums dispute lawsuit

April 30, 2001
Clarendon America Insurance Company is suing two US Virgin Islands-based brokers for $2.92 million of premiums that were allegedly sent to a firm controlled by Martin Hoffman, instead of to Clarendon. The lawsuit was filed against Marshall & Sterling of St. Thomas Inc, d.b.a. Theodore Tunick & Co., and Marshall & Sterling of St. Croix Inc. at the US District Court for the District of Delaware on July 14, 2000 before being transferred to Federal Court in US Virgin Islands on April 10, 2001.

ESG Re shareholder seeks voluntary liquidation of the firm

April 30, 2001
A major shareholder in beleaguered Bermuda-based reinsurer ESG Re has called on directors to liquidate the firm or resign their seats on the board at the AGM on May 8. Peter M. Collery, President of New York-based investment advisor SC Fundamental LLC, believes the time has come to pull the plug on John C. Head III's latest reinsurance flop.

Suspicious trading patterns of MRM stock

April 19, 2001
News of Mutual Risk Management's infusion of $112.5 million from a consortium of XL Capital Ltd, First Union Capital Partners, High Ridge Capital and Century Capital Partners II seems to have leaked out yesterday before the deal was officially announced, judging by trading patterns on the New York Stock Exchange.

Mutual Risk Management shares continue to plummet

April 17, 2001
The collapse of the share price of Mutual Risk Management is continuing today, with the price down by 24 per cent to just $3.75 per share on heavy volume of 285,000 in the first two hours of trading on the New York Stock Exchange.

Petitition to wind up Sentinel Insurance

March 31, 2001
A petition to wind-up Bermuda-based Sentinel Insurance Company was filed by regulators at Bermuda Supreme Court on March 14 and is scheduled to be heard on April 6. The action follows concerns over the solvency of the insurer, as reported in last month's edition of InsideBermuda.

Stirling Cooke reports record quarterly loss

March 31, 2001
Fourteen days after its share price collapsed to a record low of 56 cents on NASDAQ, Stirling Cooke Brown Holdings reported a record quarterly net loss of $21.2 million.

Arthur Engel snaps up MRM shares as price falls

March 31, 2001
Mutual Risk Management's share price might be dropping like a stone but at least one director is putting his money where his mouth is by snapping up the firm's stock on the open market. Arthur E. Engel has spent $1.43 million buying 120,000 shares on the New York Stock Exchange since December 8, 2000.

Years later, Anglo-American Insurance liquidators still baffled by Centre Re commutation

March 31, 2001
As John Head's ESG Re reported its latest quarterly loss, liquidators of one of his previously-failed insurers are still trying to figure out an unusual reinsurance commutation years after the firm collapsed. A major focus of the liquidation of UK-based Anglo American Insurance Company Ltd. is the commutation of financial reinsurance contracts with Bermuda-based Centre Re prior to Anglo's collapse.

Poor results for Clarendon Insurance Group

March 31, 2001
Hannover Re has announced what it described as "disappointing" results for fiscal 2000 for the New York-based Clarendon Insurance Group, which it bought in February, 1999. Although Clarendon's gross premium income increased by 15 per cent to $1.7 billion, the firm's after-tax profit "fell markedly from $33.8 million to $1 million", according to a press release dated March 8.

John Charman abruptly leaves ACE

March 31, 2001
John Charman, who is highly respected for his achievements in the London market, this month suddenly departed as Group President and CEO of the ACE International Group.

Bermuda regulators act against Sentinel Insurance

February 28, 2001
Bermuda's Registrar of Companies has exercised its statutory powers to order an inspection of Sentinel Insurance Company Ltd., which is represented on the island by Bott and Associates.The inspection began after a successful application to the Bermuda Supreme Court on December 11, 2000 under Section 30 of The Insurance Act 1978 and Section 132 of The Companies Act 1981.

Two new lawsuits filed in Platinum Indemnity $60 m reinsurance dispute

February 28, 2001
A $60 million reinsurance dispute that could lead to the collapse of Bermuda-based rent-a-captive Platinum Indemnity Ltd. escalated recently with the filing of two new lawsuits in New York.In one action, Bank of America N. A. and Platinum Indemnity Ltd. are seeking $29,335,032 against Pennsylvania-based Diamond State Insurance Company.In the other lawsuit, Bank of America and Palladium Insurance, which is affiliated with Platinum, are seeking $26,995,000 against UK-based Terra Nova Insurance Company Ltd.

MRM insider trades

February 28, 2001
The collapse of Mutual Risk Management's stock price shows the wisdom of several insiders who reported last November that they had exercised options and sold shares for a profit, rather than hang on to them.Records filed with the SEC shows that insiders made a combined profit of $533,133 on the stock market by exercising options at $15.14 per share and selling them for between $17.82 and $18.73.

MRM share price plummets after $46.1M charge

February 28, 2001
Mutual Risk Management's share price fell by more than 25 per cent in one day after the firm reported a net loss of $37.7 million for the quarter ended December 31, 2000. The loss was primarily due to MRM taking an after-tax charge of $46.1 million or $1.11 per share to establish a reserve to settle reinsurance disputes relating to its Program Business.

Fidelity Low-Priced Fund becomes big investor in Stirling Cooke

February 28, 2001
A mutual fund that has accumulated a ten per cent stake in financially distressed Stirling Cooke Brown Holdings has one of the best reputations in its peer group. The Fidelity Low-Priced Stock Fund (Ticker: FLPSX) returned 25.74 per cent over the 12 months ended February 23, 2001, greatly outperforming the S&P500, which lost 7.37 per cent.

MRM fights for reinsurance payments

January 31, 2001
Mutual Risk Management boss Robert Mulderig says the group's multi-million dollar disputes with reinsurers is the single biggest factor holding back its share price on NYSE.At September 30, 2000, MRM was involved in litigation and arbitration to reclaim $47 million from its reinsurers, putting a strain on its cash-flow and share price, which is currently at about $13.50.

Troubled ESG Re settles Radix Health lawsuit in Wisconsin

January 31, 2001
A lawsuit filed in the United States against subsidiaries of the troubled Bermuda-based ESG Re group was settled in early January.Plaintiff Radix Health Connection LLC, which is registered in Wisconsin and based in Chicago, had filed a lawsuit against European Specialty Reinsurance (Ireland) Ltd. and European Specialty Reinsurance (North America) Ltd. on June 14, 2000 at the US District Court for the Northern District of Illinois.

David Finzer trial scheduled for May

January 31, 2001
A four-week jury trial to hear multiple allegations of fraud and money laundering against Nevis-based offshore provider Raymond David Finzer is scheduled to start on May 7, 2001 in the United States.

APAM settles lawsuit prior to AFC Re sale

January 31, 2001
Florida-based Atlantic Portfolio & Analytics Management settled a lawsuit in the United States prior to selling Bermuda-registered AFC Re in December, 2000 to avoid "further litigation costs".

Break out the vodka: MRM buys Valmet Group

December 31, 2000
Mutual Risk Management is due to complete the purchase of Bermuda-registered financial services firm Valmet Group by January 2, 2001. In acquiring Valmet, MRM is taking over an entity that has received much international publicity over the last few years due to its ties with Russia.

Everest Re buys secretive Bermuda reinsurer AFC Re

December 31, 2000
One of the most secretive commercial reinsurers in Bermuda has been sold after three years in business, about two-thirds of which it appears to have been up for sale. AFC Re, which was capitalized at $100 million when it formed in October, 1997, was bought for $17 million in cash by Everest Re (Bermuda) in a deal that was announced on December 22, 2000.

ACE sues CIGNA for $170 million, alleges accounting and tax errors

December 31, 2000
ACE Ltd. filed a civil complaint against CIGNA on December 11, 2000 alleging breach of contract stemming from its $3.45 billion acquisition of CIGNA's property and casualty business in July, 1999. ACE is seeking compensatory damages of $218 million, comprising $170 million in alleged over-valuation of the acquired business and $48 million under a Tax Sharing Agreement. ACE is also asking for a declaration that it is not liable to CIGNA for any additional tax liabilities.

International Risk Management Group split up between Aon and management

December 31, 2000
Three months after being officially denied to Inside Bermuda, it was announced on December 7 that Aon had bought the global captive management and risk finance consulting operations of the International Risk Management Group. The rest of IRMG, i.e. its property loss control consulting business, Global Risk Consultants Corp., is being sold to existing senior management in a Management Buy Out.

Mutual Risk to buy Valmet Group

December 22, 2000
Mutual Risk Management, whose share price has been in the doldrums for several months on the New York Stock Exchange (Ticker - 'MM'), is in the process of completing the purchase of the Valmet Group, a financial services group with operations in eight different locations.

Overseas Partners back in profit, but only just

November 30, 2000
Overseas Partners Ltd. returned to profitability in the third quarter, reporting net income of $2.4 million or two cents per share, compared with a loss of $46.7 million or 37 cents per share a year earlier. Shortly after reporting its

Martin Hoffman Interview: Part Three

November 30, 2000
InsideBermuda continues this month with the third installment of our in-depth interview with New York-based businessman Martin Hoffman, who has attracted his fair share of publicity since he entered the insurance industry in the 1960s and has been an active participant in the Bermuda market.

Losses mount at Stirling Cooke

November 30, 2000
Faced with mounting legal bills and no longer earning brokerage commissions and underwriting fees by spinning premiums around in a circle, Stirling Cooke has reported another heavy quarterly loss. The company lost $2.6 million or 27 cents per share for the quarter ended September 30, almost identical to the corresponding period of 1999.

Barbados and Anguilla firms and Barbados attorney defendants in $323 m fraud lawsuit

November 30, 2000
Companies based in Barbados and Anguilla and a Barbados attorney are at the center of an investigation in the U.S. into an alleged $323 million insurance fraud. The investigation was launched after the liquidation on January 21, 1998 of Pennsylvania-based medical malpractice insurer PIC Insurance Group Inc., formerly known as Physicians Insurance Group.

Platinum Indemnity faces financial collapse, moves to segregate assets

October 31, 2000
Bermuda-based rent-a-captive Platinum Indemnity Ltd., which is part of the Powerscourt Group, is facing financial collapse after a reinsurer refused to pay weather-related claims. The firm has admitted that it faces "dire circumstances and imminent ruin of its business" in a recent court filing in New York, where it is being sued by Connecticut-based General Star Indemnity Co.

Marc Harris gets temporary reprieve after being closed down

October 31, 2000
After months of ignoring blatant illegalities, Panamanian regulators finally acted against The Harris Organization financial services group this month and suspended its business operations. However, an Order by La Comisión Nacional de Valores (National Securities Commission) was itself suspended by the Panamanian Supreme Court following an application by The Harris Organization.

James Kelly cashes in MRM shares

September 30, 2000
Mutual Risk Management's Chief Financial Officer, James Kelly, received $2.76 million in August from the sale of 150,000 of the company's common shares on the New York Stock Exchange.

Martin Hoffman discusses his sometimes controversial past

September 30, 2000
American businessman Martin Hoffman has attracted his fair share of publicity in his long career in the insurance industry, which began in the 1960s and has covered markets in the United States, the UK, Bermuda and around the world. Over the next few editions, Inside Bermuda will serialize a comprehensive interview that we conducted with Hoffman in which he addresses several controversial incidents that he has been linked with, including the collapse of US firms Kenilworth Insurance and Cadillac Insurance and the operations of Barbados-based Towers International Re/Knightsbridge International Re. Since December of 1994, Hoffman has been the President of New York-based Eton Management Corporation, which is engaged in a broad range of insurance and reinsurance activities, including the management of an International Marine and Property Program. Prior to founding Eton Management, he ran MIH Consultants, which provided consulting, administrative, software development and processing for small and medium-sized insurance companies and agents. Early in his career, Hoffman was hired to head the Reinsurance Audit Staff at Norman Reitman & Company, an international insurance accounting firm specializing in reinsurance and CIGNA British Companies and Bermuda Reinsurers. After he left Norman Reitman & Company, Hoffman was retained by a London brokerage firm where he was responsible for all accounting activities related to the brokerage firm's business underwritten by production sources in the United States on behalf of Lloyd's of London.

Irvin BonCamper linked with dubious insurers

September 30, 2000
St. Kitts and Nevis-based accountant Irvin BonCamper has been linked to two dubious insurers accused of separately attracting millions of dollars of premiums on the strength of false financial statements. One of the insurers, St. Kitts-based Keyes International Insurance Company Ltd., was affiliated with Banque de Petite Martinique, a Grenada-registered 'bank' that became defunct in 1998 or 1999.

Ex-Bermuda residents linked with international ‘cash back’ fraud

August 31, 2000
Two British insurance consultants with close ties to Bermuda are being investigated for an alleged multi-million dollar fraud that could have as many as 40,000 victims in the UK and Europe. Former Bermuda residents Simon John Samuels, 44, and Charles Gordon-Seymour ran the failed Intervest Capital group, which was headquartered in Las Vegas and had a marketing arm in the UK.

OPL’s massive loss mars generally healthy results for Bermuda insurers

August 31, 2000
Bermuda Insurance Market Results Round-Up: The quarter ended June 30, 2000 was a healthy one for most Bermuda reinsurers, with six reporting profits, and two suffering losses, including a massive one for Overseas Partners Ltd. The general view was that the market has turned, rates have hardened and that profits should start rolling in again following a dismal 1999.

Trenwick-La Salle Re merger nears completion

August 31, 2000
The merger of LaSalle Re Holdings Limited and Trenwick Group Inc., which was announced last December, is close to completion. After clearing SEC red-tape, LaSalle and Trenwick have scheduled meetings of their shareholders to approve the transaction for September 25, 2000.

Trial date set for Sphere Drake-Odyssey Re lawsuit

August 31, 2000
The London Commercial Court has scheduled October, 2001 for the start of a trial relating to a civil lawsuit filed by Sphere Drake Insurance (formerly Odyssey Re-London) against two UK-based subsidiaries of Stirling Cooke Brown Holdings, two former officers of those subsidiaries, and others on February 29, 2000.

State of Florida v. John McGarrity et al: Amended Information (2000)

August 3, 2000
Amended Information in State of Florida v. John McGarrity James T. Staples, Joseph Monaco, James Deas, Francis Clarkson, John McGarrity, John Manion, Jeff Mann, Rich Mann, David Trotter, Steven Schaefer, Jeno Koch, and Julie Gilvary at the Circuit Court of the Eighteenth Judicial Circuit, in and for Seminole County, Florida.

Ex-NAF&G boss sued by Bank of Bermuda

July 31, 2000
John Grant Marshall, a Canadian who was the nominal President of the fraudulent, Bermuda-based reinsurer North American Fidelity & Guarantee, is being sued by the Bank of Bermuda for $265,022. The bank filed a lawsuit against the Bermuda resident and his wife, Greta Lois Marshall, at Bermuda Supreme Court on July 13, 2000. No further details are publicly available.

Q&A with Stirling Cooke over potential liabilities from Transamerica arbitration rulings

June 30, 2000
Inside Bermuda recently carried out a question and answer session with Stirling Cooke Brown Holdings about its potential liability as a result of last year's Transamerica arbitration rulings, the departure of long-standing associate Reg Billyard, who was portrayed extremely negatively in both arbitration rulings and a new lawsuit filed against it by AXA Re in relation to Hollywood movies.

Reg Billyard retires, leaves behind carnage

June 30, 2000
Bermuda-based broker Reg Billyard, whose alleged malpractice has contributed to chaos in world reinsurance markets, appears to have left the industry. Billyard retired as President of JEH Re Underwriting Management (Bermuda) Ltd. in May and moved from Bermuda to his native England.

AXA Re sues over Hollywood movie financing fiasco

June 30, 2000
Paris-based AXA Re, which faces massive losses from reinsuring Hollywood movies, has filed a lawsuit against Stirling Cooke Brown Holdings, which brokered a small portion of the business. Stirling Cooke Brown Holdings Ltd., Stirling Cooke Brown Reinsurance Brokers Ltd. and one of the group's former brokers, Sawtantar Sharma, are defendants with Chase Manhattan Bank and George Litto Pictures Inc., of Wilshire Boulevard, Beverly Hills, California, in a lawsuit filed on May 2, 2000 at the Supreme Court for the State of New York.