Financially-troubled captive fights arbitration ruling that it post $70 m in security

17 years ago

Topics

Bermuda Insurance USA

Keywords

Bermuda Insurance Market Bott & Associates Everest Re Group Ltd. Everest Reinsurance Company Founders Insurance Company Ltd.

A Bermuda-based captive that admits to being in “dire financial condition” is fighting an arbitration panel’s order that it post security of $70 million in a dispute over coverage for sub-prime automobile loans in the United States.Details are contained in litigation at the U. S. District Court for the District of New Jersey between Founders Insurance Company Ltd., which is managed in Bermuda by Bott & Associates, and Everest Reinsurance Company, a Delaware corporation based in New Jersey that is a wholly-owned subsidiary of Bermuda-registered Everest Re Group Ltd.

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