Bob Forness

Bermuda-based reinsurer Imagine Group, which has gone through two CEOs in less than three years, claims it did not know one of its own directors was the president of a Barbados reinsurer it bought reinsurance from in 2003, reported The Royal Gazette newspaper on July 20.Imagine's Chief Financial Officer, Mike Daly, said his firm's purported due diligence on Union Excess Reinsurance never uncovered the identity of Union's president, Trevor Carmichael, who is also an Imagine director, reported the Gazette.

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.

Section 304 Petition for Assistance in Insolvency Proceedings in Bermuda by Malcolm Butterfield and Anthony McMahon, as the Foreign Representatives of Enron Re Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.