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Insolvent Bahamas insurer sues former directors over 'dubious' Florida property deals

January 03, 2012 by David Marchant

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  • Agreement to acquire 6,000 acres in Florida rendered BAICO 'immediately insolvent'
  • BAICO allegedly agreed to pay $295 m for land that owner was willing to sell for $200 m
  • BAICO allegedly agreed to pay a "fee" of $75 m to intermediary Charles Pratt
  • Directors 'knew deal was financially terminal to BAICO' before they entered into it, claims insurer's judicial manager
  • Directors allegedly ignored several "red flags" and "clear evidence of deception" when pursuing the deal

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The court-appointed managers of Bahamas-domiciled British American Insurance Company Ltd., which operated throughout the Bermuda-Caribbean region, are suing the insurer's former directors and others for 'recklessly gambling away' hundreds of millions of dollars on 'speculative' Florida real estate investments.

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