Professional Asset Indemnity, Ltd.

The Arthur Andersen group is in such structural chaos that a Bermuda-based mutual insurer for accounting firms has more than $10 million to pay out but does not know where to send it.Professional Asset Indemnity Ltd., of Bermuda, and its wholly-owned subsidiary, PAIL Vermont Insurance Company, of Vermont, is so confused that it has taken the matter to court.

Two Bermuda-based captives that are either wholly or partly owned by Arthur Andersen face an uncertain future following the collapse of Enron Corp. in the United States. They are Professional Services Insurance Company Ltd., which is owned by Andersen firms in 32 countries, and Professional Asset Indemnity Ltd., which is owned by the Big Five accounting firms.