NAF&G had no capital, say sources

By David Marchant

30 years ago

Topics

Keywords

Bermuda Insurance Market CRM Insurance Services Dai Ichi Kyoto Re Ernst & Young John Grant Marshall

Lynda Milligan-Whyte North American Fidelity & Guarantee

[ 2 more... ] [ top 5 ]

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.

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