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Daily news, documents and intelligence about Offshore Financial Centers and those who conduct business in them that you will not find anywhere else.

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Alesia Re SPC: License Revocation

June 29, 2020 - Decision Notice by the Cayman Islands Monetary Authority revoking the Insurer License of Alesia Re SPC.

Eric Ketayi et al v. AXIS Capital Holdings Ltd. et al: Class Action Complaint

June 26, 2020 - Class Action Complaint alleging "deceptive, fraudulent, unlawful, and/or unfair advertising, marketing, and sale of sham health insurance" in Eric Ketayi and Miryam Ketayi v. Health Enrollment Group, of Florida; Administrative Concepts Inc., of Pennsylvania; AXIS Capital Holdings Limited, of Bermuda; AXIS Specialty U.S. Services Inc., of Delaware; Alliance for Consumers USA, of Nebraska; Liberty Health, "an entity of unknown form"; Health Plan Intermediaries Holdings LLC, of Delaware; Health Insurance Innovations Holdings Inc., of Delaware; First Health Group Corp., of Delaware; Marc Munoz, Kevin Romero, and Juanita Nicolucci at the U. S. District Court for the Southern District of California.

Great Western Insurance Co. v. Gregory Tolaram et al: Opinion & Order

June 22, 2020 - Opinion and Order Regarding Motions to Dismiss a complaint alleging "a complex and massive fraud ... resulting in losses exceeding $135 million" involving Cayman Islands-domiciled Alpha Re Limited in Great Western Insurance Co. v. Mark Graham, Blue Capital Management, Inc., Blue Alternative Asset Management, LLC, Blue Elite Fund Ltd., Blue Elite Fund LP, Blue II Ltd., Wilmington Savings Fund Society, FSB, Christiana Trust, Donald Solow, Regatta Holdings LLC, Cygnet 001 Master Trust, Cygnet 001 Master Trust Series 2011-A, Cygnet 001 Master Trust Series 2011-C, Cygnet 001 Master Trust Series 2013-A, Sancus Capital Blue Credit Opportunities Fund Ltd., Ability Insurance Company, Advantage Capital Holding, LLC, Dan Cathcart, Kenneth King, and Gregory Tolaram at the U. S. District Court for the Southern District of New York.

SEC v. AmTrust Financial Services Inc. et al: Complaint

June 17, 2020 - Complaint in U. S. Securities and Exchange Commission v. AmTrust Financial Services Inc., of Delaware, and Ronald E. Pipoly, Jr. at the U. S. District Court for the Southern District of New York.

Creditors apply to wind up Cayman parent of Liechtenstein's Gable Insurance

June 17, 2020 - Creditors in the BVI, England, and Guernsey have applied to wind up the Cayman Islands parent company of insolvent Liechtenstein insurer Gable Insurance AG.

Cayman regulator revokes licenses of Atlas Re & Intrepid Re

June 16, 2020 - The Cayman Islands Monetary Authority has revoked the insurance licenses of Atlas Re SPC and Intrepid Re SPC, which are both managed by USA Risk Group (Cayman) Ltd., for suspected insolvency and breaches of the jurisdiction's Insurance Law.

Intrepid Re SPC: License Revocation

June 16, 2020 - Decision Notice by the Cayman Islands Monetary Authority that it has revoked the Insurer License of Intrepid Re SPC.

Atlas Re SPC: License Revocation

June 16, 2020 - Decision Notice by the Cayman Islands Monetary Authority that it has revoked Insurer License of Atlas Re SPC.

Bluebird Reinsurance Company Ltd. v. ParkWest Advisors Group LLC: Complaint

June 12, 2020 - Complaint in Bluebird Reinsurance Company Ltd., of Bermuda v. ParkWest Advisors Group LLC at the U. S. District Court for the Southern District of New York.

Argo Group International Holdings, Ltd.: $900K Fine

June 04, 2020 - Administrative Order imposing a $900,000 fine on Argo Group International Holdings, Ltd., a Bermuda-domiciled provider of insurance and reinsurance whose shares are listed on the New York Stock Exchange, for failing to disclose "over $5.3 million" in perquisites to Mark E. Watson III, its former CEO, president, and director, before the U. S. Securities and Exchange Commission.

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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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.