Wade Hoffman

Clarendon America Insurance Company has obtained a default judgment against one of four defendants accused of causing the insurer damages of at least $40 million due to fraud.Judgment was entered against Lyndal Ray Stocks, a.k.a. Ray Stocks, of Houston, Texas, on February 7, 2003 at New York State Supreme Court. The court has yet to order a penalty.The case against co-defendants Eton Management Corp., registered in Delaware but based in New York; Martin Hoffman, of Bal Harbor, Florida; and his son, Wade Hoffman, of New York, is ongoing.

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.

Dubious businessman Martin Hoffman has been soliciting reinsurance in Bermuda recently as a representative of First American Insurance Co., operating from New York, OffshoreAlert can disclose. And he is also operating another New York-based company called Wilton International Corporation, which describes itself as "a managing general underwriter and program manager that underwrites and manages international facultative property and marine business".

Anyone doing business with the Clarendon Insurance Group should take a close look at further evidence we have obtained which clearly shows that either a senior officer of the group is lying about its relationship with a dubious business producer or the producer is submitting fraudulent documents to the London insurance market. Either way, the Clarendon officer who may have lied to us, Thomas Corteville, vice president/financial operations of Clarendon National Insurance Company, seemed more concerned with attacking this newsletter than analyzing the facts.