Stirling Cooke has disclosed that its UK-based subsidiaries are being investigated by Lloyd’s of London following the apparent insolvency of a Lloyd’s syndicate known as the Alan R. Bird syndicate.
The Bird syndicate is believed to have become insolvent following an arbitration ruling on December 9, 1999 that rescinded reinsurance contracts with Transamerica Occidental Life Insurance Co., primarily on the grounds that Stirling Cooke, in its capacity as broker, had orchestrated an “abnormally tight” reinsurance spiral.
Stirling Cooke under investigation by Lloyd’s of London
25 years ago
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Bermuda Fraud Insurance USA United KingdomKeywords
Alan Bird Syndicate Occidental Stirling Cooke