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Bancroft Life & Casualty sues former management for causing ‘staggering financial losses’

An offshore insurer licensed in St. Lucia and administered from the United States claims that "staggering financial losses" suffered as a result of alleged fraud and other misdeeds by its former management company, counsel and accountants have threatened the viability of the company. Bancroft Life & Casualty ICC Ltd., which is controlled by Philip Sigel and Bradley Barros, who live in Miami and Delaware, respectively, filed a complaint at the U. S. District Court for the Western District of Pennsylvania on May 21, 2010 against Intercontinental Management Ltd., d.b.a. Intercontinental Captive Management Company Ltd. ("ICMC"), which is domiciled in the U. S. Virgin Islands and administered in Greensburg, Pennsylvania; a second company called Intercontinental Management Company Ltd. ("Intercontinental") which is domiciled in Pennsylvania and apparently operated from the same address in Greensburg, PA; The Roberts and Patton Law Firm, based in Ligonier, Pennsylvania; John R. Patton, described as "a general partner in Roberts & Patton", although he "is not licensed to practice law in Pennsylvania", and "an owner and officer of" ICMC and Intercontinental; George Thomas Roberts, described as "a general partner in Roberts & Patton" and "an owner and principal of ICMC, Intercontinental and a reinsurance company called the Captive Line Slip which is incorporated in the United States Virgin Islands"; Nigel Bailey, described as a resident of the U. S. Virgin Islands who is "an owner and principal of ICMC, Intercontinental and the Captive Line Slip" and who was "Bancroft's 'local manager' for St. Lucia"; Cunningham Hughan & Company, Inc., described as an accounting firm based in Carnegie, Pennsylvania; and Thomas Hughan, CPA.