Bermuda Insurance Market

  • Home
  • Bermuda Insurance Market

SHOWING:

201 to 250 of 432 results
  

Sort By:

Search

Filter By:

Topics

show more show less

Jurisdictions

show more show less

Allegations

New lawsuits filed against Mutual Risk Management

August 31, 2002
Three new civil lawsuits - one in Bermuda and two in the United States - have been filed against members of the Mutual Risk Management group.On July 30, 2002, Aegis Corporation and Principal Insurance Managers filed an action against Mutual Indemnity (Bermuda) Ltd. at Bermuda Supreme Court.

Letter from Bermuda: Insurance boom comes with its own set of problems

August 31, 2002
Since the mid-1980s, Bermuda's insurance sector has grown to become the island's main source of business. The protracted, relentless collapse of the tourism sector since 1989 has eroded the notion that Bermuda leans on "twin pillars" of industry. One-third, probably, of Bermuda's overnight visitors are now here on business. Risk-related business fills a larger fraction of Bermuda-bound airline seats.

California lawyer jailed for trying to defraud ACE

August 31, 2002
A Beverly Hills lawyer who tried to defraud an ACE-owned insurance company over a sunken yacht has been imprisoned for seven and half years, according to a report in The Royal Gazette newspaper.Rex K. DeGeorge was also fined $2.8 million for filing a fraudulent claim with Cigna Property and Casualty Insurance Company, reported the newspaper.

Stirling Cooke’s broking MD resigns

July 31, 2002
The Managing Director of Stirling Cooke Brown's London broking operations, now renamed Gresham Intermediaries, has resigned after less than 12 months with the group.

ACE considers slashing Lloyd’s of London capacity

July 31, 2002
Bermuda-based ACE is considering reducing the capacity of its Lloyd's Syndicate by 27.5 per cent for the 2003 underwriting year, according to a report in The Insurance Insider newsletter, of London.ACE has drawn up a provisional business plan to reduce the capacity of Syndicate 2488 from GBP900 million (US$1.4 billion) to GBP652 million (US$1 billion) for the underwriting year 2003.

Vultures circle Mutual Risk Management: Three class action lawsuits filed

June 30, 2002
Three Class Action lawsuits were filed against Bermuda-based insurance firm Mutual Risk Management and three of its current and former officers in June. The complaints were all filed at the United States District Court for the Southern District of California, in San Diego, on June 7, June 24 and June 25.

Class action lawsuit filed against Mutual Risk Management

June 13, 2002
A class action lawsuit has been filed in California against Mutual Risk Management Ltd. and three of its current or former senior officers, alleging misrepresentation of the firm's finances. The civil lawsuit was filed at the United States District Court for the Southern District of California on June 7, 2002.

Woman brings sexual harassment action against Stirling Cooke

April 30, 2002
A 38-year-old woman has filed a lawsuit against Stirling Cooke Group Services Inc. and North American Risk Inc., alleging sexual harassment, assault and violation of her civil rights. Cyndie Woodbury, who worked at Stirling Cooke's office in Bradenton, Florida, filed her action at the United States District Court for the Middle District of Florida on March 28, 2002.

Stirling Cooke billed $1.7 m for 44 days of legal work

April 30, 2002
InsideBermuda has obtained a copy of an invoice sent to Stirling Cooke Brown Holdings which indicates the crippling legal bills the firm is paying to defend itself against a civil lawsuit in the United Kingdom.

$3 m of MRM assets frozen, two new lawsuits filed

April 30, 2002
A United States-based trucking concern has obtained a $3 million asset freeze order against the financially troubled Mutual Risk Management group. Bermuda Supreme Court issued the order on April 25, 2002 after an application that same day by Franklin Logistics Inc.

James Stanard tops Executive Compensation Review for fifth straight year

April 30, 2002
RenaissanceRe Chairman and CEO James Stanard has topped InsideBermuda's annual insurance executive compensation review for the fifth straight year with a package valued at $24.4 million for fiscal 2001. Stanard's compensation was almost three times the value of the runner-up - his colleague at RenaissanceRe, David Eklund, who earned $8.6 million.

Arizona AG demands documents on Arthur Andersen’s Bermuda captive

April 30, 2002
Arthur Andersen has caused outrage in Arizona by backing out of a $217 million fraud settlement, apparently because its Bermuda-registered captive was unwilling or unable to cover the loss.The accounting firm then compounded its critics by failing to fully comply with a subpoena duces tecum issued by the Arizona Attorney General on April 2.The subpoena required the production - within 48 hours - of documents showing the financial condition of the Arthur Andersen group and Professional Services Insurance Company Ltd., of Bermuda.

Stirling Cooke reports heavy losses, announces possible de-listing

March 31, 2002
Stirling Cooke Brown Holdings has reported a net loss of $11.27 million for the quarter ended December 31, 2001, bringing its total losses over the last two fiscal years to $58.34 million. The company has also publicly disclosed what InsideBermuda first revealed on January 31, 2002 - that it faces having its shares de-listed from the NASDAQ National Market System.

MRM insurance subsidiaries taken over by Pennsylvania regulator

March 31, 2002
Mutual Risk Management subsidiaries Legion Insurance Co. and Villanova Insurance Co. have gone into "voluntary rehabilitation" following court action by Pennsylvania Insurance Commissioner Diane Koken. The rehabilitation orders, which were granted by the Commonwealth Court of Pennsylvania on March 28, 2002, become effective April 1, 2002.

Carolina Re used to siphon assets from aviation pool, claims insurer

March 31, 2002
Bermuda-domiciled Carolina Re was used to siphon approximately $470 million of premiums from a North Carolina-based aviation reinsurance pool known as Fortress Re, it has been alleged. And the principals who controlled both companies have been accused of providing the pool's members with false financial statements showing "exceptional" profits instead of "exceptional" losses.

MRM subsidiaries enter rehabilitation in Pennsylvania

March 29, 2002
Mutual Risk Management subsidiaries Legion Insurance Co. and Villanova Insurance Co. have gone into “voluntary rehabilitation” following court action by Pennsylvania Insurance Commissioner Diane Koken. The rehabilitation order, which was granted by the court on March 28, 2002, becomes effective April 1, 2002.

ACE/XL settle World Trade Center dispute

February 28, 2002
ACE and XL Capital have settled their litigation with the leaseholder of the World Trade Center, Silverstein Properties Inc. Under the terms of the deal, ACE will pay $298 million and XL will pay $67 million, the full limits of the policies they underwrote, within 30 days.

Q4 2001 Results Round-Up for Bermuda insurers

February 28, 2002
Seven Bermuda insurers reported fourth quarter earnings in February, with Mutual Risk Management, XL Capital and Annuity and Life Re posting losses and ACE, IPC Holdings, PartnerRe and Scottish Annuity reporting profits.

MRM faces July trial on civil RICO allegations

February 28, 2002
The collapse of its share price to penny stock status, downgrade of its credit ratings, breach of debt covenants and uncollectible reinsurance are not all Mutual Risk Management has to worry about. A jury trial is due to start at Gwinnett Superior Court, Georgia on July 29, 2002 in which MRM is a defendant in a civil lawsuit filed under the Racketeering Influenced and Corrupt Organizations Act.

Scandinavian Re goes into run off

February 28, 2002
Bermuda-based finite risk reinsurer Scandinavian Reinsurance Co. Ltd., has stopped writing business, effective December 31, 2001. Scandinavian Re's poor performance contributed to a loss of $138 million for fiscal 2001 that was reported by its immediate parent company, Sirius International Insurance Corp.

RenaissanceRe announces offering and promotions

February 28, 2002
RenaissanceRe announced on February 25 that it had filed with the SEC a shelf registration statement for the proposed offering of up to $500 million of securities. "Under this shelf registration statement, the Company will have the flexibility to sell debt securities, common and preferred shares, warrants and share purchase contracts and units, as well as trust preferred securities or a combination of the above," stated the firm.

Everest Re accused of sour grapes over arbitration loss

February 28, 2002
Bemuda-domiciled Everest Reinsurance Company has been accused by a judge of having "a severe case of sour grapes" by seeking to vacate an $11.63 million arbitration award. The comment was made by Judge Samuel B. Kent in a ruling dated January 11, 2002 in which he confirmed an arbitration award in favor of American National Insurance Co.

XL Insurance and Swiss Re settle differences

February 28, 2002
XL Capital announced on February 27 that its insurance subsidiary, XL Insurance (Bermuda) Ltd, and Swiss Re Financial Products Corp. had withdrawn their respective claims in the lawsuit filed in London in 2001 related to a contractual disagreement over the validity of a "reference entity" and the operation of certain other terms and conditions contained in a credit default swap between the two companies.

MRM stock falls to all-time low

February 14, 2002
The share price of Mutual Risk Management fell to an all-time low of $2.72 during morning trading on the New York Stock Exchange today after the troubled company announced it was delaying the release of its 2001 earnings.

Overseas Partners to go into run-off

February 13, 2002
After unsuccessfully trying to cope with the devastating loss of its UPS Shipper's Risk program in 1999, Bermuda-based Overseas Partners Ltd. has decided to shut down its operations. In an announcement today, the firm stated it had decided to "restructure OPL and cause most of its operations to begin an orderly runoff".

XL Capital announces fourth quarter loss

January 31, 2002
XL Capital announced on January 28 that it expects to report a fourth quarter loss of $60 million. The loss is largely due to the firm taking charges related to increased prior-period casualty reinsurance loss reserves and several large Q4 loss events, including Enron.

OIL launches ‘The Joule’

January 31, 2002
The Joule, a technology service provided to the shareholders of Oil Insurance Ltd. and Oil Casualty Insurance Ltd., has begun operations, according to an announcement on January 10, 2002.

RenaissanceRe on the up

January 31, 2002
RenaissanceRe reported net income of $50.6 million for the quarter ended December 31, 2001 - an increase of 33.9 per cent compared with the same period of 2000. Revenues went up by 17.7 per cent from $104.9 million to $123.4 million, while expenses fell by 13 per cent from $65.6 million to $57.1 million. Operating earnings per common share grew to $2.07 in the fourth quarter, from $1.79 per common share in Q4 of the previous year.

Max Re Capital reports increase in Q4 net income

January 31, 2002
Max Re Capital reported net income of $10.1 million or 26 cents per share for the quarter ended December 31, 2001, compared with $3.8 million or 14 cents per share for the corresponding period of 2000.

Enron Re has assets of just $9.58 million

January 31, 2002
Enron Corp's Bermuda-registered captive, Enron Re Ltd., has assets of just $9.58 million to meet its liabilities, according to bankruptcy court filings. Creditors of the firm include Enron Corp., Enron North America, Risk Management & Trading Corp., European Finance Re and Harrington International Insurance Ltd.

Stirling Cooke and First Ecom.com face NASDAQ de-listing

January 31, 2002
Bermuda-based insurance broker Stirling Cooke Brown Holdings and offshore-owned electronic payments processor First Ecom.com, which is funded largely with offshore money, face having their shares de-listed from in the first half of 2002 unless their stock prices improve. They have until February 11 to get their stocks above the $1 minimum bid that is required for continued listing on the NASDAQ National Market.

Enron’s Bermuda captive goes into liquidation

January 31, 2002
Enron Corp's Bermuda-registered captive, Enron Re Ltd., has assets of just $9.58 million to meet its liabilities, according to its liquidators. The self-insurance vehicle was ordered into provisional liquidation at Bermuda Supreme Court on January 2, 2002 following an application by the Supervisor of Insurance and the Bermuda Monetary Authority.

Arthur Andersen’s Bermuda captives face uncertain future

January 31, 2002
Two Bermuda-based captives that are either wholly or partly owned by Arthur Andersen face an uncertain future following the collapse of Enron Corp. in the United States. They are Professional Services Insurance Company Ltd., which is owned by Andersen firms in 32 countries, and Professional Asset Indemnity Ltd., which is owned by the Big Five accounting firms.

Annuity & Life Re insiders buy prior to share price fall

January 31, 2002
Whatever investors in Annuity & Life Re think about the dramatic slump in the firm's stock price, they cannot justifiably accuse insiders of profiting from knowing something that the market did not. Filings with the SEC show that company insiders were buying stock in the last quarter of 2001 for prices significantly above the firm's current value of about $17.50 per share.

American Longshore Mutual Association re-organizes

January 31, 2002
Bermuda-based American Longshore Mutual Association Ltd. has re-organized its coverage for members following the liquidation of Reliance National Insurance Company in the United States. ALMA provides protection to approximately 200 members who are required to be insured by the Longshore and Harbor Workers Compensation Act in the United States.

ACE expects Q4 results to be worse than expected, joins S&P 500 Index

January 31, 2002
ACE Ltd. announced on January 8, 2002 that its fourth quarter net operating income will fall below expectations. ACE said its results had been adversely affected by an increase of approximately $80 million, after taxes, in property losses incurred in its European Commercial Property portfolio.

World Insurance Forum announces speakers

December 31, 2001
The '2002 World Insurance Forum', which is being held in Bermuda on February 19-22, has announced the participation as speakers of several influential industry businessmen.

Scottish Annuity appoints former UK Government Minister to Board

December 31, 2001
Scottish Annuity & Life Holdings has appointed a former member of the governments of UK Prime Ministers Margaret Thatcher and John Major as a director.Additionally, a deal that will make Pacific Life Insurance Company Scottish Annuity's largest shareholder has now been approved by Scottish Annuity's shareholders and regulators.

Problems worsen at Mutual Risk Management

December 31, 2001
Mutual Risk Management's problems worsened in December when the firm announced that it expects to report a fourth-quarter loss after putting aside $30 million to pay larger than expected claims.This prompted an immediate negative response from credit rating agencies, with Standard & Poor's raising "concerns" about the ability of the firm's management to pull it through its crisis.

Stirling Cooke name change halted due to clash

December 31, 2001
Goldman Sachs-controlled Stirling Cooke's proposed name change to Atlantic Star Insurance Group Ltd. has been halted at the eleventh hour after it was discovered the name clashed with an existing firm. Curious as to why the company had not yet effected a name change that was approved at Stirling Cooke's AGM as long ago as May 23, 2001, InsideBermuda asked Stirling Cooke for an explanation.

Everest Re seeks to have arbitration ruling overturned

December 31, 2001
Everest Reinsurance Company, whose parent company is domiciled in Bermuda, is being sued in Texas by an insurer seeking to enforce an arbitration award.American National Insurance Company filed the lawsuit at the United States District Court for the Southern District of Texas on December 7, 2001.

XL Capital and PartnerRe report Enron losses

December 31, 2001
XL Capital and PartnerRe had at least two things in common in December - they both announced large exposures relating to the collapse of Enron Corp. and they both filed shelf registration statements with the SEC.The registrations will allow them to sell up to $2.1 billion worth of securities, with XL accounting for $1.5 billion of that amount and PartnerRe $600 million.

Delphi International shareholders to vote on liquidation

December 31, 2001
Bermuda-registered Delphi International Ltd. is scheduled to hold a Special General Meeting on the island on January 8, 2002 at which shareholders will vote on proposals for the firm's liquidation.The proposals to be considered were outlined in a Proxy Statement filed with the SEC on December 18, 2001.

Carolina Re is forced into liquidation

December 31, 2001
Losses from the World Trade Center terrorist attack have claimed their first victim in Bermuda, with the forced liquidation of Carolina Reinsurance Limited.Carolina Re was a Class 3 insurer that was formed in Bermuda in 1984 and managed by Westbroke Ltd., which is operated by the law firm of Conyers, Dill & Pearman.

Aneco Re wins ruling over Johnson & Higgins

October 31, 2001
Bermuda-based Aneco Reinsurance Underwriting Ltd., which went into liquidation in 1991/92, has won a House of Lords ruling that might render it solvent.In a decision dated October 18, 2001, the House of Lords dismissed by four to one an appeal by broker Johnson and Higgins against a lower court's decision to award $35 million to Aneco Re.

Stockholm Re creditors to receive 30 cents on the dollar

August 31, 2001
Creditors of Stockholm Re (Bermuda) Ltd., which went into liquidation in January, 1995, are likely to receive just 30 cents on the dollar when all is said and done. A spokesman for liquidator Deloitte & Touche in London said that a dividend of 20 cents on the dollar was paid to creditors at the end of May, 2001, with a second dividend due to follow later this year.