First Virginia Reinsurance Ltd.

A slew of lawsuits concerning the collapse of Bermuda-based captive First Virginia Reinsurance Ltd. have been stayed pending a ruling on which United States court should have jurisdiction. All proceedings have come to a temporary halt while a 'Judicial Panel on Multidistrict Litigation' considers a motion by three of the defendants, General Re, GeneralCologne Re and Berkshire Hathaway, to have the cases consolidated into one action at the U. S. District Court for the Western District of Tennessee.

Bermuda-based captive First Virginia Reinsurance Ltd. has a deficit of between $79 million and $111 million, according to a ruling at Bermuda Supreme Court.Details of the reinsurer's insolvency were contained in a written judgment on October 23, 2003 by Puisne Judge Ian Kawaley.

Section 304 Petition for Assistance in Insolvency Proceedings in Bermuda by Malcolm Butterfield and Michael Morrison, as the Foreign Representatives of First Virginia Reinsurance Ltd., at the U. S. Bankruptcy Court for the Eastern District of Virginia.

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.