LaSalle Re

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Continental Casualty seeks to stop LaSalle Re arbitration

An Illinois-based commercial insurer has applied for a court order to halt arbitration proceedings in Canada brought by property and casualty insurer LaSalle Re Limited, which is a subsidiary of LaSalle Re Holdings Ltd. (in liquidation).

Bank syndicate owed $183 million by Trenwick Group

A syndicate of banks led by JPMorgan Chase Bank is the biggest creditor of ailing Bermuda-based specialty insurer Trenwick Group Ltd., with an outstanding claim of $183 million at August 20, 2003.The syndicate also includes Wachovia Bank, Credit Lyonnais (New York), Dresdner Bank (New York and Grand Cayman), Fleet National Bank, The Royal Bank of Scotland, ING Bank (London), Citibank, The Bank of Nova Scotia, State Street Bank and Trust Company, and Mizuho Corporate Bank.

OPL’s massive loss mars generally healthy results for Bermuda insurers

Bermuda Insurance Market Results Round-Up: The quarter ended June 30, 2000 was a healthy one for most Bermuda reinsurers, with six reporting profits, and two suffering losses, including a massive one for Overseas Partners Ltd. The general view was that the market has turned, rates have hardened and that profits should start rolling in again following a dismal 1999.

KPMG resigns as LaSalle Re auditor over independence issue

KPMG has resigned as auditor of LaSalle Re due to a conflict of interest.The accounting firm cited "a potential independence issue arising from a personal relationship between an officer of LaSalle Re and a member of the firm of KPMG not working on the LaSalle Re audit", stated a press release issued by the reinsurer.