Bermuda Insurance Market

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.

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.

ACE and EXEL do not expect losses from breast implant coverage to cause undue problems

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.

PartnerRe has no need for Bermuda brokers

December 22, 1993

Partner Reinsurance Company, the $1 billion property catastrophe reinsurer which opened for business last month, has firmly defended its controversial policy of offering capacity direct to reinsurance buyers.Unlike other markets on the island, Partner Re prefers not to conduct business through placing brokers — a philosophy which has not endeared it to the reinsurance intermediaries.

PartnerRe bypasses Bermuda brokers

December 22, 1993

Partner Reinsurance Company, the $1 billion property catastrophe reinsurer which opened for business last month, has firmly defended its policy of offering capacity direct to reinsurance buyers.Partner Re president and chief executive officer Herbert Haag said this week that Swiss Re, one of Partner Re's founding shareholders and the supplier of essential underwriting services to the catastrophe company, had already established a "clear tradition" of writing direct.

Sphere Drake invests $100 m in Bermuda subsidiary

December 8, 1993

Sphere Drake Holdings is injecting $100 million into its lightly-capitalised Bermuda subsidiary to enable it to write up to $130 million of net premiums over the next 12 months.The new capital is coming from the group's recently-concluded initial public offering which raised $136.7 million.

Mark Hardy apologizes to Bermuda Supreme Court

November 22, 1993

Focus Insurance chief Mark Hardy has publicly apologized to the Supreme Court for disobeying its orders freezing assets he held here and overseas. The verbal apology, which Mr Hardy asked the court to view in light of "horrendous litigation over the last three years", was delivered to the Chief Justice of Bermuda during the course of a two-hour open hearing. Mr Hardy, now an adjudged bankrupt who described himself as "a strong believer in the rule of law", told the court he had been through hell during the last few months because he had been litigating in person.

Mark Hardy will apologize to Bermuda Supreme Court

November 2, 1993

Bankrupt businessman Mark Hardy, the former head of the insolvent Focus Insurance group, is returning to Bermuda - to personally apologize to the Supreme Court for ignoring its orders.The apology will be offered in compliance with a ruling by Britain's Privy Council, the highest court of appeal for litigants in UK protected territories, that Mr Hardy first "purge" his standing with the Bermuda court before the Privy Council hears his appeal.

David Thirkill tries to raise $150 m for new insurer

July 19, 1993

Former Focus Insurance director David Thirkill is planning to raise $150 million to start a new financial or finite risk insurance company on the island.The company, which has not yet been incorporated, is to be called Stellar Insurance — a name that Mr Thirkill said had already been reserved.

Mark Hardy goes into bankruptcy in the UK

June 10, 1993

Focus Insurance chief Mark Hardy was yesterday adjudged bankrupt by an English court.However Mr Hardy, who has long claimed he would not receive justice until a suit for negligence started against him in Bermuda by Focus liquidators was brought before an English judge, warned last night that his legal battle was "far from over".

Walton Insurance run-off moved from Bermuda to UK

April 27, 1993

The run off of Walton Insurance Ltd, a Bermuda-based carrier formerly owned by Phillips Petroleum, is to be transferred to the UK in a cost-cutting move that will lead to the loss of 11 jobs.Announcing the relocation, president Tim Spafford said that a further six jobs will also be axed with the closing of an affiliated Bermuda company, Insurance and Reinsurance Services Ltd — a company that specialised in claims audit services.

Portermains go into hiding

March 9, 1993

A Bermuda-based insurance company's president and his wife are thought to have gone into hiding after a Federal court in Dallas last week found them guilty of fraud.Neill and Florence Portermain were also found to have taken money from the company under false pretences and were ordered to pay a Bermudian liquidator $17.6 million in damages and interest.

Mentor creditors support scheme of arrangement

February 24, 1993

Creditors of insolvent Mentor Insurance have given near unanimous support to a proposed "scheme of arrangement" under which the bulk of the company's $175 million of remaining assets are to be distributed by the end of 1994. Of 277 creditors represented at a brief special meeting here on Tuesday, all but one voted for the scheme. The 276 supporting creditors represented claims against the company to the value of $310 million.

Growth of insurance sector shakes up Bermuda’s banking industry

February 4, 1993

Insurance companies seldom come to Bermuda for banking services alone.But they'd be unlikely to stay without them. How else would the 1,324 insurance and reinsurance corporations domiciled here manage the billions of dollars of premiums ($15.41 billion gross and $11.81 billion net at the last count) they write every year?Yet while an efficient banking system has clearly been helpful to the Bermuda insurance industry, it is no less true that the specialised demands of Bermuda's insurers have served to work wonders for the financial systems of Britain's oldest colony.

Belvedere Insurance to fight lawsuit

January 28, 1993

Belvedere Insurance says it will fight a legal action begun against its parent Caliban Holdings this week.

Bermuda arrest warrant issued for Mark Hardy

December 23, 1992

Bermuda's Chief Justice Sir James Astwood has ordered the arrest of former Focus Insurance chairman Mark Hardy for disobeying the Supreme Court's orders.Sir James said that he was holding UK-based Mark Gregory Hardy in contempt of court for violating injunctions issued in July 1991 and February 1992 freezing his personal assets worldwide. He ruled yesterday that Mr Hardy be arrested and brought before him on January 8 "to show cause why I should not commit him to prison".

Anchor Underwriting wins Paumanock run-off contract, claims Spencer-Arscott

December 2, 1992

Anchor Underwriting Managers has won a contract to run off its main client, Paumanock Insurance, Anchor chairman and chief executive officer Robin Spencer-Arscott revealed last night."Contrary to reports, I'm happy to say that we'll be handling the Paumanock run off," said Mr Spencer-Arscott.

Anchor facing job losses

November 26, 1992

Anchor Underwriting chief Robin Spencer-Arscott is this week fighting to save jobs after the company was put on notice that Paumanock Insurance, its biggest underwriting account, is going into run off.Anchor, one of Bermuda's leading underwriting managers, has 27 staff, many of them working on Paumanock business.

David Thirkill speaks of relief after Bermuda court strikes out negligence action

November 25, 1992

Former Focus Insurance director David Thirkill is feeling "relieved and vindicated" in the wake of an Appeal Court decision striking out a $20 million civil action started against him by Focus liquidators.The liquidators began the action in the summer of 1990 when they sued Focus' directors and officers for willful negligence and breach of fiduciary duty.The Appeal Court decision, handed down on Monday, overturns a ruling by Chief Justice Sir James Astwood who this year refused to dismiss the suit, ruling that it contained assertions which, if proved at trial, would show the directors deliberately disregarded their duties.

Paumanock goes into run-off

November 25, 1992

Paumanock Insurance Company Ltd, the Bermuda-based reinsurance subsidiary of the Grumman Corporation, has ceased underwriting and is to go into run off.No official reason has been given for the move which sent shockwaves through the island's insurance community. However, it is believed that Grumman is preparing to sell the Bermuda subsidiary.

Mentor creditors discuss ‘scheme of arrangement’

November 10, 1992

Mentor Insurance creditors met on November 13 to review the workings of a proposed "scheme of arrangement" designed to put Bermuda's biggest ever insolvency on course for completion by the end of 1994 and its creditors in line for a further 15 cents in the dollar.

Mentor liquidators enter ‘home stretch’

November 10, 1992

Mentor Insurance creditors will today review the workings of a proposed "scheme of arrangement" designed to put Bermuda's biggest ever insolvency on course for completion by the end of 1994 and creditors in line for a further 15 cents in the dollar.

Mid Ocean about to open doors

October 15, 1992

Mid Ocean Reinsurance Company is on the verge of announcing not whether it will open its doors for business, but when.

Mid Ocean close to opening

September 8, 1992

Mid Ocean Reinsurance, the proposed new $300 million property catastrophe reinsurer being organised in Bermuda, is close to becoming a reality.

Independence Insurance stops writing new business

April 9, 1992

Bermuda-based financial reinsurer, Independence Insurance Co Ltd has stopped writing new or renewal business and is asking policyholders whether they wish to commute or novate existing contracts or have them run off.

Brokers collect $5 m for Aneco liquidation fund

March 31, 1992

London Market brokers have collected more than $5 million for the account of the insolvent Bermuda-based Aneco Reinsurance Underwriting Ltd, the first meeting of Aneco creditors was told in Bermuda March 26.However the funds are subject to a "mareva injunction" freezing all Aneco's assets in the United Kingdom, according to provisional liquidator Malcolm Butterfield.

Hardy fails to block appointment of Aneco liquidators

March 26, 1992

Aneco Reinsurance creditors have formally rejected an attempt by Aneco chairman Mark Hardy to block the appointment of liquidators from the accounting firm of Coopers and Lybrand. Attending their first meeting yesterday at the Chamber of Commerce, they voted overwhelmingly that C&L's Peter Mitchell and Christopher Hughes be named joint liquidators of Aneco - formerly one of the leading underwriters of captive reinsurance business in Bermuda.

Norad insolvent by $34.6 m

February 4, 1992

Norad Reinsurance Company is insolvent by almost $34.6 million according to liquidators' latest statistics released to approximately 100 creditors last week.The figure represents the estimated size of the net deficiency of assets to meet total liabilities of just under $37.6 million. But liquidator David Brown says efforts to collect outstanding amounts from Norad's reinsurers are by no means over and could yet help swell the Norad estate by the best part of a million dollars.

NFL teams sued over mutual insurer

January 9, 1992

The Dallas Cowboys, the San Francisco 49ers, the LA Rams and six other NFL teams are being sued for at least $14.5 million by Bermuda liquidators working on the winding-up of the insolvent mutual N.F.L. Insurance Ltd (NFLIL).Liquidators David Lines and Peter Mitchell claim that the defendants, who were all members of the mutual, are jointly and severally liable to NFLIL for the as yet indeterminate cost of winding it up and for the mutual insurer's debts and liabilities of more than $14.5 million.

New mood of optimism in Mentor liquidation

December 16, 1991

For the first time since their appointment in the summer of 1985, Mentor Insurance liquidators have detected a dim ray of light coming from what they hope will prove to be the end of a very long tunnel.

Aneco Re Chairman to sue

December 12, 1991

Aneco Reinsurance Underwriting Ltd chairman Mark Hardy has instructed his lawyers to commence legal proceedings against the underwriters, cedants and brokers responsible for handling Aneco's property catastrophe book of business. The action, to be brought either in Bermuda or in London, will seek damages in connection with the underwriting and placement of this business with Aneco.

Aneco wins appeal against wind-up petition

December 2, 1991

Aneco Reinsurance Underwriting Ltd, the beleaguered Bermuda-based reinsurer which is fighting three separate applications to have it placed in liquidation, has won an appeal, on technical grounds, against a winding-up petition started six months ago by Mutual Indemnity Ltd.But the Bermuda Appeal Court's decision, handed down November 28, is already the subject of intense legal scrutiny which may yet produce an appeal to Britain's Privy Council - the highest court of appeal for litigants in the UK's dependent territories.