Hannover Re

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Vantage Commodities Financial Services I, LLC v. Assured Risk Transfer PCC, LCC et al: Complaint

July 20, 2017
Complaint in Vantage Commodities Financial Services I, LLC v. Assured Risk Transfer PCC, LCC, Willis Limited, Willis Re Inc., Willis Towers Watson Management (Vermont) Ltd., Hannover Ruckversicherung AG, a.k.a. Hannover Re; Partner Reinsurance Europe Plc, Syndicate 4472, a.k.a. Liberty Syndicates; Syndicate 2001, a.k.a. MS Amlin; Syndicate 1206, a.k.a. AM Trust; Catlin Re Switzerland, a.k.a. XL Catlin; and Caisse Centrale de Reassurance at the U. S. District Court for the District of Columbia.

Milo/Ferguson dispute with Hannover Re over Clarendon sale proceeds finally ends

May 9, 2008
A $75 million breach of contract lawsuit stemming from the sale of the Clarendon Insurance Group to Hannover Re in 1999 has been settled just 18 days before the start of trial. The complaint by former Clarendon principals Ralph Milo and Robert D. Ferguson against Lion Holding Inc., a Delaware corporation, was dismissed with prejudice at the U. S. District Court for the Southern District of New York on March 13, 2008, with each party bearing its own costs and attorneys' fees. There is nothing in the court records to indicate whether any money changed hands as part of the settlement.

Trial date set for Clarendon Insurance dispute

July 12, 2007
Five years after legal action was started in the United States, a trial date has finally been set for a $75 million breach of contract dispute concerning the sale in 1999 of Clarendon Insurance Group Inc. to Hannover Re. January 7, 2008 is the scheduled start date at the U. S. District Court for the Southern District of New York for claims and counter-claims between former Clarendon principals Robert D. Ferguson and Ralph Milo, on the one side, and Lion Holding Inc., a Delaware corporation, on the other. Ferguson and Milo initiated the action on June 6, 2002. A second defendant, Hannover Re, was dismissed from the case on September 25, 2002.

Insolvencies of ex-MRM subsidiaries balloon in 2006

March 9, 2007
The net insolvencies of two former operating subsidiaries of Bermuda-based Mutual Risk Management Ltd. rocketed from $334.3 million to $852.6 million in 2006, according to their liquidator. The deficits of Legion Insurance Company and Villanova Insurance Company increased from $225.3 million to $614 million and from $109 million to $238.6 million, respectively, during the year.

Discovery ends in Hannover Re/Clarendon dispute

July 5, 2005
Discovery in a $75 million legal dispute concerning the 1999 sale of Clarendon Insurance Group Inc. to Hannover Re was due to be concluded by June 30, 2005. In one of the final acts of discovery, Judge James Francis ruled on May 23, 2005 that Hannover Re employee Trevor Bolt must submit to a deposition.

Mutual Risk Management finally files 2001 financials

November 30, 2002
At a time when Mutual Risk Management was desperate for cash to meet its liabilities, its then Chairman and CEO, Robert Mulderig, owed the firm an advance of $318,303, according to an SEC filing. Details of the debt, which has

Milo and Ferguson sue Hannover Re over Clarendon Insurance deal

June 30, 2002
Hannover Re is being sued for $56 million by two former senior executives of Clarendon Insurance Group who claim to have been cheated out of executive compensation. Ralph Milo and Robert D. Ferguson have accused Hannover Re of reneging on their amended employment contracts which formed part of the sale of Clarendon to Hannover Re in 1999.

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.

Stirling Cooke discloses that CIRCL is insolvent

November 30, 2001
Goldman Sachs controlled Stirling Cooke Brown's problems worsened this month as the firm announced that its reinsurance subsidiary, Comp Indemnity Reinsurance Company Ltd., had become insolvent.News of CIRCL's insolvency was contained in the firm's 10Q filing with the SEC on

Poor results for Clarendon Insurance Group

March 31, 2001
Hannover Re has announced what it described as "disappointing" results for fiscal 2000 for the New York-based Clarendon Insurance Group, which it bought in February, 1999. Although Clarendon's gross premium income increased by 15 per cent to $1.7 billion, the firm's after-tax profit "fell markedly from $33.8 million to $1 million", according to a press release dated March 8.

Superior National’s aggressive tactics in dispute with Inter-Ocean Re

September 30, 1999
Industry watchers have been taken aback by the aggressive strategy adopted by Superior National Insurance Group Inc. in its $175 million contract dispute with Inter-Ocean Re and Inter-Ocean's principal shareholder, American Re-Insurance Company.Not content to wait for the outcome of arbitration proceedings that are due to be held soon in New York, Superior National filed a lawsuit against both parties in Los Angeles County Superior Court on September 7 in which they seek $200 million.

Inter-Ocean Re/Superior National to arbitrate $175 m contract

August 31, 1999
An arbitration between Bermuda-based Inter-Ocean Reinsurance Company and Superior National Insurance Company over a $175 million contract could take place before the end of the year. The dispute relates to coverage Inter-Ocean provided to US-based Business Insurance Group - now a subsidiary of Superior National - and 100 per cent reinsured by American Re.

Ultimate irony: Hannover Re stock downgraded by Goldman Sachs

April 30, 1999
Hannover Re's purchase of the Clarendon insurance group is already causing the German reinsurer problems. On April 1, less than five weeks after the deal was completed, Hannover Re's stock was downgraded by investment bank Goldman Sachs due to concerns over Clarendon's exposure to the now infamous Unicover reinsurance pool.

Hannover Re completes Clarendon Insurance acquisition

March 31, 1999
Hannover Re's decision to finally go ahead with its purchase of the Clarendon insurance group after six months of deliberation has surprised several people in the industry who view the acquisition as a 'Beauty and the Beast' arrangement. But it appears that the deal, which finally closed at the end of February, may have substantially altered since it was first announced last August.

Stirling Cooke Brown Holdings in crisis

March 31, 1999
Serious questions about the future of Stirling Cooke Brown Holdings are being raised following the filing of a lawsuit in New York accusing the firm of racketeering and fraud and the collapse of its share price to an all-time low on NASDAQ. The company has also disclosed for the first time in its SEC filings that it is involved in several arbitrations in the UK and is also a defendant in seven different lawsuits that were filed last year by reinsurers and reinsureds claiming to have been defrauded.

Clarendon Insurance-Hannover Re deal may be off

January 29, 1999
Robert Ferguson, who is the President of the US/Bermuda-based Clarendon insurance group, was in Germany from January 20-23 in a last ditch bid to save the proposed sale of the company to German giant Hannover Re, we have been told. Although the outcome of his visit was not known to us at publication time, Ferguson told acquaintances before the trip that the deal was "99 per cent dead", according to a source.