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| November 14, 1997 |
RESOURCE
UNDERWRITERS
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Former Aon Re (Bermuda) chairman
Robin Spencer-Arscott is awaiting a decision from the island's
Insurance Advisory Committee on his application to set up Resource
Underwriters Ltd. A sub-committee of the vetting body met on 31
October to hear his application to incorporate the new reinsurer,
after it had requested more information on loss reserves and payout
patterns at a previous hearing. Mr Spencer-Arscott denied
allegations by the Miami-based newsletter
Inside Bermuda that the incorporation is
being held up due to the credentials of David Thirkill, the proposed
chairman and ceo of Resource.
Mr Thirkill is the former finance director of Focus Insurance Co
Ltd, Hamilton, which went into liquidation in December 1990
(WICR60/2). According to a local press report from 1993, Thirkill
also was an underwriter in the US for a short period for
Barbados-domiciled Towers Reinsurance, run by businessman Martin
Hoffman. The company's ceo Steven Hoffenberg was convicted by the
SEC in 1993 of fraud and false accounting, according to
Inside
Bermuda.
Mr Spencer-Arscott told WICR that Mr Thirkill never worked for
Towers. He had been interviewed for a job there, but had walked out
after asking about the company's capital and failing to receive a
straight answer. He said that Resource would have start-up capital
of US$ 30m. "I have met the investors and they are certainly not
called Martin Hoffman," Mr Spencer-Arscott added. |
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