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Agam Jain v. Muuvment Ltd.: Writ

November 06, 2020 - Specially Endorsed Writ in Agam Jain, of Oxford, England, described as a "founding shareholder" and former officer and director of the Defendant v. Muuvment Ltd. at Bermuda Supreme Court.

ACE Property and Casualty Insurance Company v. McKesson Corporation et al: Complaint

November 02, 2020 - Complaint seeking "a declaration that it has no obligation to defend or indemnify Defendant McKesson Corporation" regarding "thousands of lawsuits attempting to hold it responsible for contributing to, and profiting from, the epidemic of opioid addiction and abuse that has plagued the nation" in ACE Property and Casualty Insurance Company v. McKesson Corporation, described as "one of the largest wholesale pharmaceutical distributors in the world"; AIU Insurance Company, Arch Reinsurance Limited, of Bermuda; Argo Re Limited, of Bermuda; Aspen Insurance UK Limited, of the United Kingdom; Canopius Underwriting Bermuda Limited, of Bermuda; Endurance Specialty Insurance Limited, of Bermuda; Golden State Insurance Company Limited, of Bermuda; Great Lakes Insurance Company SE, of Germany; Ironshore Specialty Insurance Company, of New York; Lexington Company, of Massachusetts; Liberty Special Markets Agency, of Bermuda; Certain Underwriters at Lloyd's of London, of England; Markel American Insurance Company, of Virginia; Munich Reinsurance America Inc., of New Jersey; National Fire & Marine Insurance Company, of Nebraska; National Union Fire Insurance Company, of New York; North American Capacity Insurance Company, of Missouri; Swiss Re International SE, of Switzerland, and XL Insurance America Inc., of Connecticut, at the Superior Court of the State of California, Orange County.

Ocorian Services Bermuda Ltd. v. Transamerica Life Insurance Company: Complaint

November 02, 2020 - Complaint involving "a life insurance policy with a $1.2 million face value that Transamerica issued" in Ocorian Services Bermuda Limited, of Bermuda, as Trustee of Lexington Trust 100603 v. Transamerica Life Insurance Company at the U. S. District Court for the Northern District of Iowa.

Capital Management of Bermuda Ltd.: Chapter 15 Petition

October 29, 2020 - Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Bermuda by Rachelle Frisby and John Johnston, of Deloitte Ltd., in Bermuda, as the Foreign representatives of Capital Management of Bermuda Ltd., an insurer that was petitioned into provisional liquidation at Bermuda Supreme Court by the Bermuda Monetary Authority, at the U. S. Bankruptcy Court for the Middle District of Florida. Editor's Note: Research by OffshoreAlert in the Directors Register on the Government of Bermuda's website identified the directors of Capital Management of Bermuda Ltd. as Thomas Sash, c/o Windsor-Thomas Group Inc., of Plant City, Florida; Thomas Williams, of Palm Harbour, Florida, and Nicholas Williams, c/o Clifford Chance LLP, of New York, NY.

BVI fund sues Bermuda reinsurance investment manager for '$7.5M fraud'

October 25, 2020 - A BVI investment fund has sued Tony Belisle in Florida for alleged fraud after incurring losses "in excess of $7.5 million" in a Bermuda fund that was managed by Markel CATCo Investment Management, from which Belisle was allegedly fired as CEO "for lying to company executives and counsel about a romantic relationship" with a colleague.

Eugenia II Investment Holdings Ltd. v. Anthony Belisle: Complaint

October 23, 2020 - Complaint for $7.5 million in compensatory damages, plus punitive damages, alleging "fraud and negligent misrepresentation" involving Limited Diversified Arbitrage Fund, of Bermuda, which was managed by Markel CATCo Investment Management Limited, of Bermuda, in Eugenia II Investment Holdings Limited, of the British Virgin Islands v. Anthony Belisle, of Naples, Florida, at the U. S. District Court for the Middle District of Florida.

Managed Investments PCC Ltd. et al v. Aeolus Re Ltd.: Writ of Summons

October 19, 2020 - Specially Indorsed Writ of Summons in Managed Investments PCC Limited, on behalf of IRIS Balanced Cell, of Guernsey; Managed Investments PCC Limited, on behalf of IRlS Enhanced Cell, of Guernsey; CS ILS SICAV-SIF, on behalf of Credit Suisse (Lux) IRIS Balanced Fund, of Luxembourg; IRIS Dynamic SPC, on behalf of IRlS Post-Event Fund SP, of the Cayman Islands; CS IRIS ALHC Fund Ltd., of the Cayman Islands; CS IRIS C Fund Limited, of Guernsey, and Alpha Z ILS Fund Limited, of Guernsey v. Aeolus Re Ltd., in respect of its Keystone PF Segregated Account, of Bermuda, at Bermuda Supreme Court.

Capital Management of Bermuda Ltd. et al: Enforcement Actions

October 16, 2020 - Notice by the Bermuda Monetary Authority regarding Enforcement Actions against Capital Management of Bermuda Ltd., Excelsior Insurance Ltd., Northstar Financial Services (Bermuda) Ltd., PB Life and Annuity Co. Ltd., and Omnia Ltd.

US tycoon Bob Brockman indicted for '$2B offshore tax fraud scheme'

October 15, 2020 - US software tycoon Bob Brockman has been criminally indicted in California for an alleged $2 billion offshore tax evasion scheme involving accounts and entities in Bermuda, British Virgin Islands, Cayman Islands, Nevis, and Switzerland. In a related case, billionaire private equity boss Robert Smith agreed to pay penalties of $139 million to avoid prosecution.

Aeolus Re Ltd. v. CS ILS SICAV-SIF et al: Writ

October 14, 2020 - Generally Endorsed Writ for "breach of contract in relation to a Swap Confirmation Agreement" in Aeolus Re Ltd., in respect of its Keystone PF Segregated Account v. CS ILS SICAV-SIF, in respect of Credit Suisse (Lux) Iris Balanced Fund, of Luxembourg; CS Iris ALHC Fund Limited, of the Cayman Islands; CS Iris C Fund Limited, of Guernsey; Managed Investments PCC Limited, on behalf of its Iris Balanced Cell, of Guernsey; Managed Investments PCC Limited, on behalf of its Iris Enhanced Cell, of Guernsey; Iris Dynamic SPC, on behalf of its Iris Post-Event Fund SP, of the Cayman Islands, and Alpha Z ILS Fund Limited, of Guernsey, at Bermuda Supreme Court.

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.