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Bermuda captive is defendant in four class action lawsuits in US

June 30, 2003
Bermuda-based captive First Virginia Reinsurance Ltd. has been named as a defendant in four class action lawsuits filed in the United States on behalf of thousands of physicians, hospitals, clinics and attorneys. The lawsuits are on behalf of all parties in the U. S. who bought malpractice liability insurance coverage through Reciprocal of America, now in receivership, and/or affiliated parties from January 1, 1991 to January 31, 2003.

Offshore investors accuse fund manager of swindling them

December 31, 2002
Investment vehicles registered in Bermuda, the Isle of Man and Delaware claim to have been cheated out of more than $9.5 million by the manager of an investment fund.The culprit was Sloane Robinson Investment (Cayman) Ltd., which was the General Partner and Manager of the S. R. Global International Fund L. P., according to a civil lawsuit.

Arthur Andersen captive seeks Scheme of Arrangement

November 30, 2002
Arthur Andersen's Bermuda registered captive, Professional Services Insurance Company Ltd., is seeking to enter into a Scheme of Arrangement with its creditors.An order was issued at Bermuda Supreme Court on November 14, 2002 granting the firm's application to meet with

Ernst & Young (Bahamas) settle racketeering lawsuit for $3 million

March 31, 2002
Ernst & Young (Bahamas), its Senior Partner, Paul Clarke; and its former Managing Partner, Bahamian politician Philip Galanis, have agreed to pay $3 million to settle a civil lawsuit alleging racketeering. Details of the settlement are contained in documents that were recently filed at the United States District Court for the District of Arizona.

Southwest Income Trust et al v. Philip Galanis et al: Motion for Determination of Good Faith Settlement

February 15, 2002
Motion for Determination of Good Faith Settlement in Jack G. Larsen, as Receiver for Southwest Income Trust, Advantage Income Trust, and Investors Trading Trust v. Lauriel Investments, Inc., Charles Smith, Standard Industrial Capital, Inc., Glen Roger Thompson, Progressive Growth Management Group, Ltd., Richard M. Kubany, Paul W. Floyd, III; James M. Floyd, Philip C. Galanis, Paul F. Clarke, and Ernst & Young at the U. S. District Court for the District of Arizona.

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.

Ernst & Young (Bahamas) fails to have action dismissed

October 31, 2001
Ernst & Young (Bahamas), partner Paul Clarke and former partner Philip Galanis have failed to obtain the dismissal of a civil lawsuit filed against them in the United States.They now face a trial on allegations of investment fraud that were brought under the Racketeering Influenced and Corrupt Organizations Act.

Galanis, Ernst & Young (Bahamas) sued for alleged investment fraud

December 31, 2000
Ernst & Young (Bahamas), its former Managing Partner, Philip Galanis; and a current partner, Paul Clarke, are being sued in the United States for their role in an alleged $9.95 million investment fraud. The complaint, which was filed on November 30, 2000 at the U. S. District Court for the District of Arizona, relates to the same events that led to Galanis being fired from Ernst & Young in 1997.

Bear Stearns accused of preferential treatment over failed BVI fund

March 31, 2000
Bear Stearns has been accused of tipping off privileged clients so that they could cash out of the BVI-registered Manhattan Investment Fund before it collapsed in January with losses of about $450 million. It has also been claimed that the broker exceeded "generally accepted margin limitations" in extending credit to the fund, thus contributing to the size of its losses.

Ernst & Young launches Internet ‘TaxOmeter’

February 29, 2000
Ernst & Young (Isle of Man) have launched a 'TaxOmeter' on its web-site at www.ey.co.im which it is touting as "the Internet's first multi-jurisdiction, interactive Income Tax caclulator".

Lawsuits fly in Bermuda following collapse of $500 m hedge fund

January 31, 2000
Four lawsuits were filed at Bermuda Supreme Court in the last week of January following the collapse of the Manhattan Investment Fund Ltd., which was registered in the British Virgin Islands, managed in New York City and administered and audited in Bermuda.

BF&M settlement: A breakdown of who pays what

December 31, 1999
One of Bermuda's longest-running farces came to an end this month when the Bermuda Fire & Marine Insurance Company trial ended with an out-of-court settlement. Seven months into the trial, the corporate and individual defendants threw in the towel and appear to have given the liquidators of BFMIC virtually everything they were seeking.

Bermuda Fire & Marine Insurance trial hears accusations of fraud

May 31, 1999
The Bermuda Fire & Marine Insurance trial began, as scheduled, on May 4 and most of the rest of the month was spent hearing allegations of lies, deceit and fraud against people who were at one time considered to be among the crème de la crème of the local business community.

Attorneys arrive for Bermuda Fire & Marine Insurance trial

April 30, 1999
Some of the UK's top attorneys began arriving in Bermuda this month to prepare for the island's biggest ever civil trial, involving the alleged asset-stripping of the failed Bermuda Fire & Marine Insurance Company by some of the island's most prominent businessmen and companies. The trial, which is due to start on May 4, is expected to last four months and there have been no indications in the run-up to the off that the case will be settled.

Bermuda Fire & Marine liquidators rejected $10-$15 m offer to settle lawsuit

July 31, 1998
Defendants in a fraud lawsuit involving Bermuda Fire & Marine Insurance Company made an offer last year of between $10 million and $15 million to settle the case, OffshoreAlert can reveal. However, Bermuda Fire's liquidators, Ernst & Young, rejected the offer on the grounds that it fell substantially short of what was acceptable, said a source whose company is owed money by Bermuda Fire.

Deloitte & Touche clear way for $3 billion claim against Ernst & Young

February 27, 1998
A $3 billion claim brought by Deloitte & Touche as liquidators of the failed Bank of Credit & Commerce International against accounting firm Ernst & Young was reinstated by the Court of Appeal in London on February 13. The ruling overturned a High Court decision of January of last year.

Bermuda Fire & Marine insolvent by $1.4 billion

July 30, 1997
Bermuda Fire & Marine Insurance Company, which was stripped of over $40 million of assets two years before it went bust without Bermuda's regulators so much as batting an eyelid, is now estimated by its liquidators to be insolvent by an astonishing $1.4 billion. If the figures are accurate, Bermuda Fire would become not only by far the biggest insolvency in Bermuda's history but also one of the biggest insurance insolvencies anywhere in the world.

Bermuda Fire & Marine grossly under-estimated run-off costs

November 12, 1995
The management of Bermuda Fire & Marine Insurance may have underestimated the costs of running off the failed insurer's international business by as much as $23 million, according to liquidator Ernst & Young. When breaking up the company in 1991 in order to protect its profitable domestic business from the debts of its international arm, only $1.7 million was left behind to pay Bermuda Fire's run off costs.

Mutual Risk Management fires auditor

October 14, 1995
Bermuda-based Mutual Risk Management, whose shares are traded on the New York Stock Exchange, has dismissed its auditor of 18 years, KPMG Peat Marwick, and replaced it with Ernst & Young - but will not officially say why.

NAF&G had no capital, say sources

June 17, 1994
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.