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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.

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.

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.

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".

Bermuda’s National Pensions Scheme may not lead to boom for life insurers

September 7, 1995
The Bermuda Government's proposed compulsory national pensions scheme for the workforce will not necessarily lead to a boom in the business of life assurance companies on the island, according to one local insurance boss.John Sainsbury, head of Argus Insurance, said, initially, many of the plans are likely to be small and the administrative costs for insurers are likely to be high.

Bermuda reinsurers fund private study of what causes catastrophes

September 5, 1995
Bermuda's reinsurance bosses are being asked to rely less on the past and more on the future in the way they assess catastrophic risks around the world. If they listen, it could help them avoid a hit and lead to big buck savings.By learning more about the science behind hurricanes, tornadoes, hail and flooding, they are hoping to revolutionize the way they do business.

US lawyer says Bermuda’s insurance laws fail to protect rights of policholders

August 10, 1995
Outspoken American lawyer Eugene Anderson, who represents policyholders in actions against insurance firms, has attacked the ability of Bermuda's new insurance laws to protect clients who have claims against the island's insurers.Mr. Anderson, in his second attack on Bermuda's insurance industry over the last 13 months, said Bermuda's laws failed to protect the rights of policyholders.

RenaissanceRe goes ahead with IPO 18 months late

June 30, 1995
Bermuda-based property catastrophe reinsurer Renaissance Re is going ahead with a $50 million initial public offering of its shares, 18 months after canceling an IPO of more than $100 million due to a decline in the world investment climate.Renaissance Re. will offer 2.7 million shares, which represents ten per cent of the company's capital.

Centre Re pulls out of BFCL deal

June 8, 1995
Bermuda Financial Centre Ltd has suffered a major setback with the announcement that the planned major tenant for the office portion of the $150 million project - Centre Reinsurance - may move to a new site being planned by Pearman Watlington.The latest piece of bad news for BFCL, which hopes to develop the site of the former Bermudiana Hotel, came yesterday when PWs announced it had submitted plans to build a retail/office/residential complex at the company's WaterFront site on Pitts Bay Road.

Hopewell Intl Insurance awarded $1 million against NAF&G

June 1, 1995
Bermuda-based Hopewell International Insurance Ltd has been awarded $1 million against North American Fidelity & Guarantee, a reinsurance company that was kicked out of Bermuda by government for failing to prove it had the $100 million of assets the firm claimed it had.

Bermuda Fire & Marine lawsuit nears for top businessmen

May 25, 1995
A decision on whether to sue some of Bermuda's most influential local businessmen for millions of dollars, stemming from the collapse of Bermuda Fire & Marine Insurance, is expected to be made over the next couple of months. At stake is over $100 million owed to creditors of Bermuda Fire & Marine Insurance and the credibility of Bermuda's regulatory and legal system in relation to protecting the rights of foreigners doing business with Bermuda-based insurers and reinsurers.

Fourth legal action brought against NAF&G

April 27, 1995
A fourth legal action has been brought against controversial reinsurer North American Fidelity & Guarantee, which moved to Belgium in 1993 after being kicked out of Bermuda by the government.London-based CRM Insurance Services Ltd is suing NAF&G and two related companies, Kobe Reinsurance and Dai Ichi Kyoto Reinsurance Company, for $2.89 million in the High Court of the United Kingdom. The action was filed on February 28.

Third lawsuit brought against NAF&G

April 17, 1995
Reinsurer North American Fidelity & Guarantee - which operated in Bermuda for just over a year before being asked to leave by the island's government - is being sued yet again.Already a defendant in two actions totalling $4.7 million stemming from its short time in Bermuda, a third action for approximately $2.5 million was filed against NAF&G by New York Marine & General Insurance Company at Bermuda Supreme Court on April 7.

Shoreline Mutual moves away from mutual insurance

February 23, 1995
Bermuda-based Shoreline Mutual, which issues certificates of financial guarantee for vessels entering US waters, has arranged further reinsurance for all its members to protect them against supplemental cash calls being made in the event of substantial claims.The policy, which has been placed by Willis Faber & Dumas and Sedgwick Marine & Cargo and is underwritten 100 per cent at Lloyd's, is expected to strengthen Shoreline's product in the battle for business with its main rival, First Line, which is also based in Bermuda.

Caliban files lawsuit against former officer

February 23, 1995
Caliban Holdings Ltd, which owns Belvedere Insurance and other insurance-related entities, has brought a legal action against Belvedere's former vice president and treasurer, Vanessa Thomas, to try to force her to sell her five per cent stake in Caliban back to the company.

Hopewell International Insurance sues North American Fidelity & Guarantee

February 16, 1995
Former head of Bermuda National Bank John Grant Marshall is facing more financial anguish stemming from his spell as a director of controversial reinsurer North American Fidelity & Guarantee.NAF&G, which is already being sued for $3.7 million at Bermuda Supreme Court in a claim last year, has had a new $1 million action brought against it by Bermuda-based Hopewell International Insurance Ltd, which is a reinsurance pool for captive insurance firms.

Application to wind up Stockholm Re (Bermuda)

January 20, 1995
An application to compulsorily wind up Stockholm Re (Bermuda) Ltd was made yesterday - ten months after the company went into run off.The company said that "until very recently" the financial position of Stockholm Re indicated that "the reserves would be sufficient to satisfy known claims".

Bermuda government asked to compensate United Security Life policyholders

January 19, 1995
The Bermuda Government has been asked to set up a hardship fund to compensate 1,600 local victims of failed insurer United Security Life Insurance Company.The call has come from 78-year-old stroke victim Burlington Williams, who believes government negligence contributed to the company's collapse.

Business Insurance publisher talks in Bermuda

January 12, 1995
Bermuda still has a lot of hard work to do before it convinces many foreign insurance industry professionals that it is a serious market, local bosses were told yesterday.In a speech to about 170 people at the Bermuda Insurance Institute's monthly luncheon, Kathryn McIntyre, publisher of US insurance magazine Business Insurance, warned the Bermuda market about becoming complacent.

London insurers expected to take up Bermuda presence

December 23, 1994
More London companies are likely set up offices in Bermuda as the British insurance industry increasingly realises the long-term importance of the island's market.And more Bermuda-based insurers and reinsurers may also start having their assets managed from the island instead of having them handled overseas.These are some of the views of Bill Bailey, chairman of Bermuda's newest insurance firm, Terra Nova (Bermuda) Holdings Ltd.

Bermuda firms battle for share of COFR market

December 22, 1994
Insurance executives aligned to two groups in Bermuda have been working frantically over the last few weeks to provide the first certificates of financial responsibility now required of shipowners whose vessels will enter US waters. Up for grabs are tens of millions of dollars in annual premiums. David Marchant looks at Bermuda's newest reinsurance product and assesses the winners and losers.

Possible insider trading in BF&M shares

December 22, 1994
BF&M Ltd announced a ten per cent stock dividend to shareholders yesterday - only days after some of the largest volumes of trading in its shares for several months. A decision to reward long-suffering shareholders of BF&M Ltd, who have seen their capital investment drop from $10.50 per share in June, 1993, to $6.75 currently, was taken by BF&M's board of directors on December 20.

Tony Habib pleads guilty to fraud

December 2, 1994
Former Bermuda insurance company boss Tony Habib has pleaded guilty to masterminding an insurance fraud that swindled victims out of about $7 million.Habib, 38, who ran Bermuda-based Financial Services Insurance Ltd, is due to be sentenced by a New York court on January 25.

Bermuda Fire directors stay silent despite allegations of fraud at Bermuda Fire & Marine Insurance

November 3, 1994
Despite the strong criticisms of the collapse of Bermuda Fire & Marine Insurance, the company's vice-chairman, lawyer and former UBP MP William Cox, yesterday maintained his year-long public silence on the affair."I have no comment," said Mr Cox, who is the senior partner in law firm Cox & Wilkinson.Bermuda Fire's chairman, former government Senate leader Charles Collis, the senior partner in law firm Conyers, Dill & Pearman, was not available for comment.Other directors who voted to approve the controversial split-up of the company in 1991 have steadfastly refused to comment publicly on their actions since Bermuda Fire went into provisional liquidation in November, 1993.

Bermuda attacked by US politicians over Bermuda Fire ‘fraud’

November 3, 1994
A powerful political body in the US has launched a blistering attack on Bermuda over its handling of the collapse of Bermuda Fire & Marine Insurance.Over $40 million in assets that were dividended out to the insurer's shareholders in 1991 has been described as "a prime example of outrageous irresponsibility by an offshore insurance company".The matter was "exacerbated by a cavalier disregard for the consequences on people living elsewhere", said a report released this week entitled ‘Wishful Thinking: A World view of Insurance Solvency Regulation.'

Ian Linnegan joins Bermuda human resources firm

August 18, 1994
Former Bermuda Insurance Institute director Ian Linnegan has gone into partnership with professional speaker Stuart Doyle to offer human resources and insurance-related courses to the workforces of Bermuda-based companies.Mr Linnegan has taken an ownership stake in Transitions International, which Mr Doyle has been running for the last decade.

ACE shares fall due to extra reserving for implant claims

July 21, 1994
Shares in excess liability insurer ACE Ltd. fell by $2 per share on the New York Stock Exchange yesterday in unusually heavy trading after the firm announced it was setting aside another $200 million to meet breast-implant litigation claims.

NAF&G had no capital, say sources

June 17, 1994
Reinsurer North American Fidelity & Guarantee, which is being sued for $4 million in Bermuda, moved its operations from Bermuda to Belgium in 1993 not long after failing to comply with a request to show proof of its capital, we have been told.And some insurance observers believe the company, which offered property, marine, aviation and mortgage guarantee coverage and claimed to have capital of $100 million, may have actually had very few funds available to meet claims during the year it operated in Bermuda.

Trident Partnership receives $660 m in capital commitments

June 16, 1994
The Trident Partnership LP, whose sponsors include property catastrophe reinsurer Mid Ocean, has received $660 million of capital commitments to invest in the global insurance and reinsurance industry.Although no announcement has been made on where the funds will be distributed, observers believe that some of it will come to Bermuda.

BF&M liquidators bring first lawsuit

May 19, 1994
The joint provisional liquidators of Bermuda Fire & Marine Insurance have brought their first legal action in Bermuda since they were appointed six months ago, filing an application to be appointed receivers of Bermuda London Underwriting Agency Ltd.

NAF&G sued for $4 million

April 26, 1994
Reinsurer North American Fidelity & Guarantee is being sued for almost $4 million in Bermuda, where it operated for only about a year before moving to Belgium last October.A lawsuit has been filed against the company by Bermuda-based Raydon Underwriting Management Company, which operated from the same building in Hamilton.

Lloyd’s List stands behind ‘Bermuda warning’ story

March 29, 1994
The UK insurance daily newspaper Lloyd's List has reiterated its claim that the Department of Trade & Industry is concerned about the quality of Bermuda's reinsurance market - despite an angry letter from the Bermuda Ministry of Finance.

Tony Habib trial date postponed

March 29, 1994
The trial of Bermuda company boss Tony Habib, which was originally due to have been held on March 21, has been postponed because of additional time required by US investigators to gather information locally.

Trial date set for Tony Habib

March 22, 1994
A trial date for Bermuda company boss Tony Habib, who is accused of a multi-million dollar fraud, has been set for March 21 in the Federal Court southern district of New York.

ACE downplays exposure to breast implant litigation

February 23, 1994
Potential losses from breast implant litigation in the United States should not cause undue problems for Bermuda-based excess liability carriers ACE and XL, both companies said this week.