Bermuda Fire & Marine insolvent by $1.4 billion

Bermuda Fire & Marine Insurance Company, which was stripped of over $40 million of assets two years before it went bust without Bermuda’s regulators so much as batting an eyelid, is now estimated by its liquidators to be insolvent by an astonishing $1.4 billion. If the figures are accurate, Bermuda Fire would become not only by far the biggest insolvency in Bermuda’s history but also one of the biggest insurance insolvencies anywhere in the world.