A powerful political body in the US has launched a blistering attack on Bermuda over its handling of the collapse of Bermuda Fire & Marine Insurance.Over $40 million in assets that were dividended out to the insurer's shareholders in 1991 has been described as "a prime example of outrageous irresponsibility by an offshore insurance company".The matter was "exacerbated by a cavalier disregard for the consequences on people living elsewhere", said a report released this week entitled ‘Wishful Thinking: A World view of Insurance Solvency Regulation.'
Articles Bermuda Featured Fraud Insurance Investment Listed Securities USANovember 3, 1994
Bermuda attacked by US politicians over Bermuda Fire ‘fraud’
29 years ago
TopicsBermuda Fraud Insurance Investment Listed Securities
KeywordsBermuda Insurance Market BF&M Committee on Energy and Commerce John Dingell Wishful Thinking: A World view of Insurance Solvency Regulation