Pillar Insurance

Bermuda-based reinsurer Imagine Group, which has gone through two CEOs in less than three years, claims it did not know one of its own directors was the president of a Barbados reinsurer it bought reinsurance from in 2003, reported The Royal Gazette newspaper on July 20.Imagine's Chief Financial Officer, Mike Daly, said his firm's purported due diligence on Union Excess Reinsurance never uncovered the identity of Union's president, Trevor Carmichael, who is also an Imagine director, reported the Gazette.