Raydon Underwriting Management

Stockholm Re creditors to receive 30 cents on the dollar

August 31, 2001

Creditors of Stockholm Re (Bermuda) Ltd., which went into liquidation in January, 1995, are likely to receive just 30 cents on the dollar when all is said and done. A spokesman for liquidator Deloitte & Touche in London said that a dividend of 20 cents on the dollar was paid to creditors at the end of May, 2001, with a second dividend due to follow later this year.

Martin Hoffman Interview: Part Three

November 30, 2000

InsideBermuda continues this month with the third installment of our in-depth interview with New York-based businessman Martin Hoffman, who has attracted his fair share of publicity since he entered the insurance industry in the 1960s and has been an active participant in the Bermuda market.

Transamerica wins second ‘spiral’ arbitration

January 31, 2000

California-based Transamerica Occidental Life Insurance Co. has won a second arbitration over its refusal to pay multi-million dollar reinsurance claims on coverage brokered by Stirling Cooke Brown Holdings. The losing party was Alan R. Bird, on his own behalf and representing all members of Lloyd's Syndicate 103 for the 1993/94 years of account.

Transamerica Occidental Life Insurance Co. v. Alan R. Bird: Interim Arbitration Award

December 9, 1999

Interim Arbitration Award and Reasons for Interim Award in Transamerica Occidental Life Insurance Co. v. Alan R. Bird, on his own behalf and as representative of all the members of Syndicate 103 at Lloyd's for 1993 and 1994.

Lloyd’s of London to investigate Stirling Cooke

January 29, 1999

Lloyd's Regulatory Board, the body that regulates the Lloyd's of London market, is soon to begin an investigation into Bermuda-based Stirling Cooke Brown Holdings that, in the worst scenario, could lead to the company's Lloyd's broking licence being suspended or even revoked.

Reports implicate Stirling Cooke in fraudulent insurance schemes

August 31, 1998

Two reports into Stirling Cooke Brown that were compiled two years ago by a London firm of insurance investigators on behalf of a client gives an interesting insight into the history of the Bermuda-based insurance broker, particularly allegations that the company was involved in a reinsurance spiral. The alleged spiral that we have been told has dragged Stirling Cooke and the Clarendon group into arbitrations in London at least partly involves North American Fidelity & Guarantee and Stockholm Re (Bermuda).

Stirling Cooke’s share price drops like a stone amid more allegations of murky past

August 31, 1998

As the share price of Stirling Cooke Brown Holdings Limited continues to plummet for reasons that appear unrelated to the general market slide, Inside Bermuda has uncovered fresh evidence that casts an extraordinarily negative light over the company and its main business partner, the Clarendon insurance group.

Raydon/Stockholm Re in arbitration

July 31, 1998

Two applications have been filed at Bermuda Supreme Court recently in relation to an arbitration between Stirling Cooke Brown subsidiary Raydon Underwriting Management and Stockholm Re (Bermuda), which folded a few years ago.

Stirling Cooke – What you won’t find in its prospectus

November 30, 1997

Investors contemplating taking part in the $50 million IPO of Bermuda-based insurance broker/risk manager Stirling Cooke Brown Holdings Limited, which is 24 per cent owned by Goldman Sachs, may be interested in a few details they will not find in the company's share prospectus. Perhaps the most noteworthy is the involvement of its subsidiary Raydon Underwriting Management in one of the world's largest insurance frauds. Raydon, which shares offices with Stirling Cooke at Victoria Hall, Hamilton, had the dubious distinction of managing reinsurer North American Fidelity & Guarantee.