International Risk Management Group

Captive manager International Risk Management (Bermuda) Ltd. is fighting a $200 million lawsuit filed in the United States by British-based minerals giant Rio Tinto PLC.In the lawsuit, IRMBL has been accused of mismanaging Rio Tinto's Bermuda-registered captive, Three Crowns Insurance Company Ltd., by failing to obtain adequate reinsurance coverage.Other defendants are Three Crown's reinsurance brokers: Minet Ltd., Alexander & Alexander of California Inc., Jardine Insurance Brokers Inc., Emett & Chandler Inc., Aon Risk Services Inc. of Northern California Insurance Services and Aon Corporation.

Three months after being officially denied to Inside Bermuda, it was announced on December 7 that Aon had bought the global captive management and risk finance consulting operations of the International Risk Management Group. The rest of IRMG, i.e. its property loss control consulting business, Global Risk Consultants Corp., is being sold to existing senior management in a Management Buy Out.