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    Subsidiaries of Bermuda insurers accused of involvement in price-fixing scheme

    Two subsidiaries of Bermuda-based insurers have been named as “co-conspirators” of reinsurance broker Guy Carpenter in an alleged billion-dollar, price-fixing scheme that Connecticut Attorney General Richard Blumenthal claims “illegally inflated insurance costs for insurance companies and consumers nationwide”.Details are contained in a civil complaint filed by the State of Connecticut at the Superior Court for the Judicial District of Hartford, Connecticut on October 4, 2007.

    Bermuda insurers attempt to force arbitration on NYSE-listed firm

    Reinsurers in Bermuda and elsewhere are seeking to force a Vermont based captive and its NYSE listed parent to arbitrate a dispute involving claims from a fire at a chemical manufacturing plant.A motion to compel arbitration was filed against International

    Tyson Foods seeks $113 m in Hurricane Katrina claims

    Giant meat processor Tyson Foods, Inc. is seeking damages of more than $113 million in litigation and arbitrations against insurers in Bermuda and elsewhere for alleged property damage and business interruption losses caused by Hurricane Katrina on August 29, 2005.Details

    Casino owner sues Allied World over flood damage to NY apartment

    Nevada based casino owner Steve Wynn is suing a U. S. subsidiary of Bermuda based Allied World Assurance Company over a $3.9 million claim regarding flooding damage to a secondary residence, an apartment on Fifth Avenue, New York.Details are contained

    US Gov’t turns over criminal investigation records to ex-RenRe officer Michael Cash

    Former RenaissanceRe officer Michael Cash has won a legal battle to force the U. S. Government to turn over records concerning a criminal investigation into alleged fraud at the reinsurer.After months of delays and in the face of an imminent court order forcing it to comply with subpoenas from Cash, the U. S. Attorney's Office for the Southern District of New York finally relented and agreed to provide the document by July 31, 2007. 

    Everest Re appears to have won arbitration with Mutual of Enumclaw

    Everest Reinsurance Company appears to have come out on top in arbitration proceedings with U. S.-based Mutual of Enumclaw Insurance Company.That is the most obvious inference from an application to confirm an arbitration award that was filed by Everest Re at the U. S. District Court for the Western District of Washington on July 27, 2007.

    SEC v. Agora, Inc. et al: Memorandum of Decision

    Memorandum of Decision in the securities fraud action filed by the U. S. Securities and Exchange Commission against Agora, Inc. , Pirate Investor, LLC and Frank Porter Stansberry at the U. S. District Court for the District of Maryland.

    Bermuda insurers sued over non-payment of $3.9 m claim regarding Florida fire

    Two Bermuda insurers are being sued for allegedly refusing to pay a $3.9 million claim concerning a fire at a commercial property in FloridaDetails are contained in a complaint that was filed by Lexington Insurance Company, a Delaware corporation, as assignee of Kimco Kissimmee 613, Inc., and Kimco Kissimmee 613, Inc., a Florida corporation based in New Hyde Park, New York, at the U. S. District Court for the Middle District of Florida on May 18, 2007.

    KPMG (Bermuda) suspects class action plaintiff may have received illegal payment

    Did a major U. S. law firm illegally pay a Bermuda-based investment firm to serve as lead plaintiff in a class action lawsuit against KPMG (Bermuda) regarding its audits of Annuity & Life Re (Holdings) Ltd.?That's what KPMG wants to know before discovery winds up in an action at the U. S. District Court for the District of Connecticut. However, rather than answer that and other questions, the investment firm, Midstream Investments Ltd., has filed an eleventh-hour motion to withdraw from the case entirely and for a protective order to avoid being forced to provide evidence.

    ACE settles Pennsylvania action for $9 m

    ACE Ltd. has agreed to pay $9 million to settle allegations that it was involved with other insurers and brokers to rig bids for excess casualty insurance. The settlement agreement between ACE, Pennsylvania Attorney General's Office and the Pennsylvania Department of Insurance was announced on May 14.

    USA applies to seize $9 m ‘fraud proceeds’ from Bank Julius Baer (Guernsey)

    The United States Government has applied to seize $9.75 million in allegedly criminal proceeds from two accounts at the Guernsey branch of Bank Julius Baer.The Government claims the money represents the proceeds of insider trading conducted by an employee of Credit Suisse in New York and an accomplice.

    UK gaming firm pleads guilty to racketeering in US

    British gaming firm BETonSPORTS Plc has pleaded guilty to a federal racketeering charge in the United States, prosecutors announced yesterday.Under a plea agreement, BETonSPORTS will receive leniency in return for helping with the criminal prosecution of 14 co defendants, who

    Allied World Assurance and ACE settle with US regulators

    Two Bermuda based insurers recently announced they had reached settlements with United States regulators who were looking into allegedly illegal practices.First, Allied World Assurance Company Holdings Ltd. disclosed on April 12 that it was taking a charge of $2.1 million

    Hundreds of millions of dollars at stake in claims from ‘quack’ doctor’s work

    Four Bermuda insurers have been named as defendants in a lawsuit brought on behalf of 70 patients of an osteopathic surgeon who has been accused of killing or maiming dozens of patients in the United States.The difference between success and failure may amount to hundreds of millions of dollars for XL Insurance Company Ltd., ACE Insurance Company Ltd., Starr Excess Liability Insurance International Ltd., Allied World Assurance Company Ltd. and two non-Bermuda co-defendants: Teays Valley Health Services, LLC, d.b.a. Putnam General Hospital, of West Virginia, and Health Care Indemnity, Inc., a Colorado-based insurer.

    Settlement talks delay $40 m Annuity & Life Re/Transamerica arbitration

    An arbitration hearing scheduled for April regarding a $40 million damages claim against Bermuda-based Annuity and Life Re (Holdings) Ltd. by Transamerica Occidental Life Insurance Company has been called off pending settlement negotiations.Details are contained in a note to the financials headlined “Contingencies” that appears in Annuity & Life Re's 2006 financials, which were released on March 21, 2007.

    Ansbacher-affiliate sues transfer agent and clearing house over missing shares

    An affiliate of Ansbacher (Bahamas) Limited is suing a stock transfer agent and a securities clearing brokerage in the United States for allegedly misplacing $2.7 million of publicly-traded shares.Details are contained in a complaint that was filed by Chester Asset Holdings Limited, a British Virgin Islands corporation, against Computershare Shareholder Services Inc., which is incorporated in Delaware and based in Canton, Massachusetts, and Depository Trust Company, which is based in New York, NY, at the U. S. District Court for the Southern District of New York on March 5, 2007.

    Italy: Antonio Ferreri et al

    Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Italy into Antonio Ferreri and others for alleged tax evasion, communications fraud, securities violations and money laundering.

    RenRe settles class action litigation for $13.5 m

    Bermuda-based property catastrophe reinsurer RenaissanceRe Holdings Ltd. has agreed to settle a consolidated shareholder class action lawsuit at the U. S. District Court for the Southern District of New York by paying $13.5 million. RenRe announced the settlement on February 14, 2007 - five days after the firm disclosed that it had agreed to pay $15 million to settle a securities fraud lawsuit regarding the same conduct that was brought at the same court by the SEC. Neither settlement required the reinsurer to admit liability.

    XL and AWAC settle Hurricane Katrina-related lawsuit in Louisiana

    Two Bermuda insurers have settled a civil lawsuit in which a waste management insured accused them of failure to pay claims stemming from Hurricane Katrina. A stipulation of dismissal was entered on February 5, 2007 in an action that was filed by Waste Management Inc., a Delaware corporation based in Houston, Texas; Waste Management Louisiana LLC, a Delaware corporation based in Baton Rouge, Louisiana; and Waste Management of Mississippi Inc., a Mississippi corporation based in Baton Rouge, Louisiana, against XL Insurance (Bermuda) Ltd., and Allied World Assurance Company Ltd. at the U. S. District Court for the Eastern District of Louisiana on August 25, 2006.

    RenRe settles SEC lawsuit by agreeing to pay $15 m penalty

    Property catastrophe reinsurer RenaissanceRe Holdings Ltd. has agreed to pay a $15 million civil penalty to settle a lawsuit filed against it in New York by the U. S. Securities and Exchange Commission. RenRe has also agreed to an injunction prohibiting future violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 and to retain an independent consultant to review internal controls, according to the SEC, which announced the settlement in a press release issued on February 6, 2007 - the same day that the complaint was filed at the U. S. District Court for the Southern District of New York.

    Class action securities lawsuit filed against Quanta Capital

    A class action securities fraud lawsuit has been filed in the United States against Bermuda-based, NASDAQ-listed specialty insurer Quanta Capital Holdings Ltd., seven officers and directors, and two underwriters. The complaint was filed at the U. S. District Court for the Southern District of New York on February 5, 2007 on behalf of all purchasers of Quanta's common and preferred shares between December 14, 2005, when Quanta completed a $135 million equity offering, and March 2, 2006.

    AWAC seeks to avoid contributing $15 m to JP Morgan’s Enron/WorldCom settlements

    Bermuda-based Allied World Assurance Company Ltd. is seeking to avoid paying $15 million in claims relating to JP Morgan's combined $4.2 billion settlements of Enron and WorldCom litigation. Details are contained in a civil complaint that was filed by AWAC against Boston-based Lexington Insurance Company at the U. S. District Court for the District of Massachusetts on January 16, 2007.

    Arch Capital subsidiaries sued for up to $34 m

    Two U. S. subsidiaries of Bermuda-based Arch Capital Group Ltd. are being sued for up to $34 million in compensatory damages for allegedly failing to honor a construction bond. Details are contained in a civil complaint that was filed by Whitlock Mills LP, a Maryland limited partnership based in Columbia, Maryland, at the U. S. District Court for the District of New Jersey on December 29, 2006.

    Former officer sues Alea Group over securities losses

    The Bermuda-headquartered Alea Group is being sued by a former officer who claims to have suffered financial, emotional and reputational harm as a result of the company allegedly misrepresenting its financial position.

    Bermuda insurers sued for $100 m by Citigroup

    Three Bermuda-based insurers are being sued by Citigroup Inc. for allegedly failing to honor up to $100 million of claims concerning the settlement of litigation for the alleged mis-selling of financial products. Citigroup Inc., a Delaware corporation based in New York, as successor in interest to Associates First Capital Corporation, filed a civil complaint at the 164th District Court of Harris County, Texas on October 23, 2006, with the case being transferred to the U. S. District Court for the Southern District of Texas on November 17, 2006.

    Real-life ‘Pirates of the Caribbean’ now showing at Florida court

    The legal version of ‘Pirates of the Caribbean' is being played out in a Florida court case involving a Bahamas studio where scenes from two movies of the same name were shot. Among the cast of characters is a Bermuda Stock Exchange-listed company, a British Virgin Islands shell company that operates as an “underwriting” vehicle; a dubious Nevis-based insurer that is facing liquidation in a separate, unrelated action; and a Florida attorney who is currently suspended from practicing law for allegedly misappropriating client funds.

    SEC files fraud complaint against three ex-RenRe officers

    A civil complaint alleging securities fraud has been brought against three former senior officers of the Bermuda based RenaissanceRe insurance group by the United States Securities and Exchange Commission.The action was filed at the U. S. District Court for the

    SEC v. Andrew J. Zahn: Final Judgment

    Final Judgment in U. S. Securities and Exchange Commission v. Andrew Joseph Zahn at the U. S. District Court for the Northern District of Illinois.

    Max Re Capital share price unaffected by negative news

    The share price of Max Re Capital Ltd. has been largely unaffected by the resignation of the company's Chairman and CEO, Robert Cooney, and negative news about an internal investigation into possible accounting irregularities. In the first day of trading

    Offshore banker released on $10 m bail, agrees to waive extradition to Netherlands

    Offshore banker and oil tycoon John Deuss has been released on $10 million bail in Bermuda - three days after his arrest as part of an investigation into alleged money laundering and other financial crimes.Deuss, a 64-year-old Dutch national who has resided in Bermuda since the 1970s, has agreed to waive extradition to the Netherlands, where he is wanted for questioning about alleged money laundering and other financial crimes.

    ACE, Odyssey Re & others lose $175 m arbitration award hearing

    A United States court has entered an order confirming a $175 million arbitration award in favor of an AIG-subsidiary against several insurers, including two that are based in Bermuda.The U. S. District Court for the Southern District of New York issued a judgment for American Home Assurance Company on September 21, 2006 - 16 days after the petition was filed.

    ACE moves to protect reputation in Philadelphia

    ACE Ltd. has taken action to protect its reputation in the United States after six employees of a Philadelphia insurance brokerage with a similar name were charged with fraud.ACE, which is domiciled in the Cayman Islands but headquartered in Bermuda, and ACE INA Holdings Inc., incorporated in Delaware, based in Philadelphia, Pennsylvania, filed a complaint against ACE Insurance Agency LLC, and Abe Insurance Agency LLC, both incorporated in Philadelphia and based in Allentown, PA at the U. S. District Court for the Eastern District of Pennsylvania on August 31, 2006.
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    Goldman Sachs says it is ‘blameless’ in Stirling Cooke collapse, describes its governance as ‘textbook’

    Despite taking Bermuda-based broker AlphaStar Insurance Group public in a $50 million IPO and being its biggest shareholder during an astonishing crime spree that caused losses estimated at more than $1 billion to the world insurance markets, Goldman Sachs is not accepting any responsibility for what happened.In fact, the actions of its two directors on AlphaStar's board, Reuben Jeffery III and Jean de Pourtales, were “a textbook illustration” of how to govern a company, according to Goldman's motion to dismiss the action on September 15, 2006.

    Liongate SPC: Company Announcement

    Company Announcement by Liongate SPC regarding a questionable $254 million related-party arrangement and resignation of the Fund's administrator.

    John Deuss steps down from bank due to money laundering probe

    Oil tycoon John Deuss has “temporarily” stepped down as Chairman and CEO of Bermuda Commercial Bank due to an investigation into alleged money laundering and illegal banking, BCB has disclosed. BCB's Chief Operating Officer, Timothy W. Ulrich, and a director,

    AXIS subsidiary broke Katrina law, claims New Orleans university

    A U. S. subsidiary of Bermuda based AXIS Capital Holdings Limited has been accused of illegally slashing flood insurance coverage for a New Orleans university in the wake of Hurricane Katrina.Axis Specialty Insurance Company, which is incorporated and based in

    Transamerica seeks $45 m in damages from Annuity & Life Re

    Transamerica is seeking $45 million in damages from a subsidiary of Bermuda based Annuity & Life Re (Holdings) Ltd. concerning the novation of Annuity and Life Reassurance Ltd.'s reinsurance contract with fellow Bermuda firm, Scottish Re Group Ltd.In a press

    Bermuda insurer among defendants being sued for $1.1 m

    A Bermuda mutual insurer is among defendants who are being sued for $1.16 million regarding insurance coverage for a shipping incident in Puerto Rico involving a vessel chartered by another Bermuda entity.Through Transport Mutual Insurance Association Limited, which is managed

    Joseph P. LaSala, et al v. Bank of Cyprus: Complaint

    Complaint in Joseph P. LaSala and Fred S. Zeidman, as Co-Trustees of the AremisSoft Corporation Liquidating Trust, v. Bank of Cyprus at the U. S. District Court for the Southern District of New York.