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Development owned by AIG CEO collapses owing $168M to Bermuda Gov't

March 27, 2020 - A "partially complete" luxury hotel and residences development on "prime real estate" in Bermuda whose principal beneficial owner is AIG CEO Brian Duperreault has gone into provisional liquidation owing at least $168 million to the local government.

Cajun Conti LLC et al v. Lloyd's Underwriters et al: Petition

March 16, 2020 - Petition for Declaratory Judgment regarding whether business interruption arising from the COVID-19 pandemic is covered under an "all risk" insurance policy in Cajun Conti LLC, Cajun Cuisine 1 LLC, and Cajun Cuisine LLC, d.b.a. Oceana Grill v. Certain Underwriters at Lloyd's London, in England; John B. Edwards, in his capacity as the Governor of the State of Louisiana, and The State of Louisiana at the Civil District Court for the Parish of Orleans, State of Louisiana.

PB Life and Annuity Co. Ltd. v. Universal Life Insurance Company: Complaint

March 13, 2020 - Complaint regarding a reinsurance agreement in PB Life and Annuity Co. Ltd., formerly known as Private Bankers Life and Annuity Co. Ltd., of Bermuda v. Universal Life Insurance Company, of Puerto Rico, at the U. S. District Court for the Southern District of New York.

Oil Casualty Insurance Ltd. v. Marsh & McLennan Companies Inc. et al: Discovery Application

February 27, 2020 - Application by Oil Casualty Insurance Limited, of Bermuda, to take discovery from Marsh & McLennan Companies Inc. and Marsh USA Inc. for use in "a London-based international arbitration between ExxonMobil Oil Corporation (the claimant) and OCIL (the respondent)", filed at the U. S. District Court for the District of Delaware.

Hollingsworth International Financial Services Ltd. et al: Penalties

February 18, 2020 - Announcement by the Malta Financial Services Authority regarding penalties against Hollingsworth International Financial Services Limited and Mark Hollingsworth. Editor's Note: Research by OffshoreAlert showed that, in the Malta Business Registry, the sole shareholder of Hollingsworth International Financial Services Limited was identified as Dominion Fiduciary Trust Limited, of Jersey, in the Channel Islands, on behalf of the Ultimate Beneficial Owner, Mark Hollingsworth, 51, a citizen of the United Kingdom.

SEC v. Jon Aronson et al: Complaint

February 14, 2020 - Complaint alleging securities fraud regarding Validus Holdings Ltd., of Bermuda, in U. S. Securities and Exchange Commission v. Jon L. Aronson and Elliet N. Aronson, both of Massachusetts. at the U. S. District Court for the Southern District of New York.

PES Holdings LLC et al v. Allianz Global Risks US Insurance Co. et al: Complaint

February 12, 2020 - Complaint to recover insurance "arising out of a catastrophic incident" whose losses "will likely exceed" $1.25 billion in PES Holdings LLC, North Yard GP, LLC, North Yard Logistics LP, PES Administrative Services, LLC, PES Energy Inc., PES Intermediate, LLC, PES Ultimate Holdings, LLC, and Philadelphia Energy Solutions Refining and Marketing LLC v. Allianz Global Risks US Insurance Company, of Illinois; AXA Corporate Solutions Assurance, of France; Lloyd's of London Underwriters, of England; General Security Indemnity Company of Arizona, Great Lakes Insurance SE, of Germany; HDI Global Insurance Company, of Illinois; HDI Global Specialty SE, of Germany; Helvetia Swiss Insurance Company in Liechtenstein Ltd., of Liechtenstein; Lancashire Insurance Company (UK) Limited, of England; Liberty Mutual Insurance Company, of Massachusetts; Mapfre Re Compania de Reaseguros, SA, of Spain; PartnerRe Ireland Insurance DAC, of Ireland; Starr Technical Risks Agency, Inc., of New York; Westport Insurance Corporation, of Missouri; XL Insurance America, Inc., of Connecticut, and Zurich American Insurance Company, of New York, at the U. S. Bankruptcy Court for the District of Delaware.

Wellforce Indemnity Company Ltd. v. Starline USA LLC: Complaint

January 29, 2020 - Complaint in Wellforce Indemnity Company Ltd., formerly known as Tufts Medical Center Indemnity Company Ltd., a Cayman Islands captive insurer v. Starline USA LLC at the U. S. District Court for the District of Massachusetts.

Fidelity National Title Insurance Company v. Trott & Duncan Ltd.: Ruling (January 17, 2020)

January 17, 2020 - Ruling regarding Defendant's application for a Stay of Proceedings in Fidelity National Title Insurance Company v. Trott & Duncan Limited at Bermuda Supreme Court.

Kestrel Insurance Services Ltd.: Civil Penalty

January 17, 2020 - Public Statement announcing the imposition of a civil penalty against insurance broker Kestrel Insurance Services Limited, whose directors during the relevant period were identified as Alan Burrows, Kate Burrows, and Paul Coniglio-Burrows. Research by OffshoreAlert showed that, in its 2019 annual return with the Isle of Man Government, the company's shareholders were identified as Beacon Holdings Ltd., of the Isle of Man; Mark Burrows, of the Isle of Man; Alan Burrows, and Paul Coniglio-Burrows.

We hunt for red flags in high-value, cross-border finance by monitoring offshore and onshore courts, regulatory actions, offering documents, and other sources - and email you the results.

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BRITISH VIRGIN ISLANDS  
CAYMAN ISLANDS  
Cayman Court Secrecy: A Huge Red Flag for Foreign Investors & Clients
David Marchant
As any fule kno, the biggest enemy of fraud, corruption, money laundering, and other forms of financial crime is transparency, while their best friend is secrecy. That's why the unprecedented mass sealing of cases that's taking place at the Financial Services Division of the Grand Court of the Cayman Islands is repugnant to anyone with a genuine concern for financial crime.