In the Matter of XL Capital Ltd.: Petition
Petition In the Matter of XL Capital Ltd. at the Grand Court of the Cayman Islands.
Merrill Lynch seeks to enforce $3.1 b in guarantees from XL Capital Assurance
London-based Merrill Lynch International has filed a lawsuit against a subsidiary of Bermuda-based bond insurer Security Capital Assurance Ltd. in an attempt to enforce guarantees of up to $3.1 billion.MLI, which is incorporated in England and Wales, filed a complaint at the U. S. District Court for the Southern District of New York on March 19, 2008. Defendants are XL Capital Assurance Inc., which is incorporated and based in New York and a subsidiary of SCA, and XLCA Admin LLC, as Trustee for seven trusts, which are all based in New York. MLI is seeking declaratory judgments that guarantees from XLCA are "binding and enforceable".
Bermuda companies sued by Marsh clients over bid-rigging scheme
Eight Bermuda based companies are among the defendants in a recently civil lawsuit filed recently by clients of broker Marsh & McLennan who claim they were damaged in a bid rigging scam. One of the plaintiffs is also incorporated in Bermuda.
Third-time lucky for Spencer-Arscott
After two previous attempts at heading a Bermuda reinsurer ended in fiasco, Robin Spencer-Arscott has been appointed President of a new firm sponsored by XL Capital Ltd.Cyrus Reinsurance Limited and its parent, Cyrus Reinsurance Holdings Limited, were formed on October 28, 2005 with initial capital of $525 million. The group also has an affiliate in the Cayman Islands called Cyrus Reinsurance Holdings SPC, which is a segregated portfolio company.
XL Capital controls 18.5% of Mutual Risk Management following deal
XL Capital is now by far the biggest shareholder in Mutual Risk Management following an XL-led $112 million financing deal that saved the troubled firm from having its ratings lowered.As of June 15, 2001, XL Capital was the beneficial shareholder of 18.5 per cent of MRM's common, according to a recent filing with the SEC.
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.