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    Bermuda firms sued over business interruption coverage

    Two Bermuda companies are among several insurers being sued for allegedly refusing to pay a business interruption claim concerning a mine fire in Pennsylvania. Allied World Assurance Company Ltd. and XL Insurance (Bermuda) Ltd. are defendants alongside Berkshire Hathaway Inc., incorporated in Delaware and based in Stamford, Connecticut; National Fire & Marine Insurance Company, incorporated and based in Nebraska; Commonwealth Insurance Company, of Vancouver, Canada; International Mining Industry Underwriters Ltd., of London, England; International Insurance Company of Hannover Limited, of Surrey, England; Lloyd's of London, Hiscox Syndicate Limited, Ascot Underwriters Limited, and R. J. Kiln & Co. Limited, all c/o Mendes & Mount, New York.

    Jailed penny stock fraudster secretly behind Costa Rica-based Reg-S exchange

    A notorious penny stock swindler currently in prison for fraud is secretly behind a Costa Rica-based Internet 'stock exchange', OffshoreAlert can disclose. Harold Bailey Gallison Jr., a 47-year-old U. S. national, controls the Global Internet Stock Brokerage Exchange, trading as GISBeX, through nominees, including his 74-year-old mother.

    GISBeX: Listed Issuers

    GISBeX: Listed Issuers, their management and service providers (past and present) - February 28, 2005

    LOM seeks stay of order that they comply with SEC subpoenas

    Bermuda-based investment firm Lines Overseas Management and its Managing Director, Scott Lines, have applied for a stay - pending an appeal - of a court order requiring them to turn over information to the SEC for use in two investigations into alleged securities fraud. In a joint motion to the U. S. District Court for the District of Maryland, LOM and Lines, claim that, until a final order is rendered, they "cannot lawfully be required to comply" with four SEC subpoenas and, therefore, the effect of a January 7, 2005 ruling by Magistrate Judge Alan Kay ordering them to comply should be stayed until it becomes final.

    1999 BF&M fraud settlement enters its final phase

    The last phase of the 1999 settlement between the liquidators of Bermuda Fire & Marine Insurance Limited and BF&M Ltd., which was fraudulently spun off from it, has begun. Part of the $60 million agreement to settle litigation at Bermuda Supreme Court included Bermuda Fire & Marine receiving options to buy shares in BF&M.

    Alternative Re and Arch Excess sued in South Carolina

    A South Carolina risk purchasing firm is suing two Bermuda companies for at least $122,000 in damages and an injunction preventing the commutation of an insurance policy. The action was filed at the U. S. District Court for the District of South Carolina on August 31, 2004 against Alternative Re Holdings Ltd., of Bermuda, Arch Excess & Surplus Lines Insurance Co., of Bermuda; and Indiana Provider Coalition Inc., of Indiana. Plaintiff LTC Risk Purchasing Group Inc., of South Carolina, alleges beach of contract and is seeking an accounting, declaratory relief, and injunctive relief.

    ACE share price holds up despite lawsuit from Connecticut AG

    The share price of Bermuda-based ACE Ltd. has been unaffected by a lawsuit alleging that one of its subsidiaries paid a $50,000 bribe to broker Marsh & McLennan to secure an $80 million state contract. ACE's shares ended January at $43.40 per share on the New York Stock Exchange, virtually unchanged from the day before the complaint was filed at Connecticut Superior Court by the State of Connecticut on January 21, 2005. The price was 19 per cent higher than the day before the Marsh scandal began on October 14, 2004.

    LOM wins victory in British Columbia but faces new hearing

    The British Columbia Securities Commission yesterday dismissed an application for cease trade orders and other sanctions against offshore investment firm Lines Overseas Management Ltd. and its senior officers. However, it was a hollow victory for the respondents since the Commission panel immediately ordered a new hearing to determine whether to ban LOM from the local market for different reasons.

    LOM and Scott Lines ordered to comply with SEC subpoenas

    Bermuda-based investment firm Lines Overseas Management Ltd. and its Managing Director, Scott Lines, have been ordered by a U. S. court to comply with four subpoenas served on them last April by the SEC. The order was issued by Magistrate Judge Alan Kay at the U. S. District Court for the District of Columbia on January 7, 2005. It is likely that LOM, at least, will appeal the decision, as the firm has previously indicated it would do if the ruling went against it.

    Aspen Specialty boss resigns over misstated educational credentials

    The head of an Aspen Insurance-subsidiary resigned in December after admitting that he "misstated his educational credentials in U. S. insurance regulatory submissions", stated the company. Aspen gave no further details about the reasons for the departure of Peter Coghlan as President and CEO of Aspen Specialty Insurance Company in a press release dated December 13, 2004. Coghlan has been replaced by Chris Maciejewski, who has served as Executive Vice President and Chief Casualty Underwriter of Aspen Specialty since 2003.

    Arch Capital and AXIS Capital receive subpoenas

    Arch Capital Group and AXIS Capital Holdings both reported in December that they had been issued with subpoenas as part of industry-wide investigations by various U. S. authorities.

    Judge reserves judgment after LOM hearing

    A United States court has reserved judgment on whether an offshore investment firm and its boss must comply with four subpoenas served on them by the U. S. Securities and Exchange Commission. Magistrate Judge Alan Kay did not issue a ruling from the bench at the end of a two-hour hearing on December 10, 2004 at the U. S. District Court for the District of Columbia, as the SEC had hoped.

    SEC v. Philip Sexauer: Judgment

    Judgment in U. S. Securities and Exchange Commission v. Philip Sexauer at the U. S. District Court for the Northern District of Illinois.

    More ex-Enron officers sue Bermuda firms over D&O coverage

    Three more former Enron officers have filed a complaint against insurers in Bermuda and elsewhere in an attempt to protect their directors and officers liability coverage.The latest action was filed at the U. S. District Court for the Southern District

    $19.4 m award against PartnerRe

    An arbitration panel has ordered PartnerRe to pay $19.4 million to Diamond State Insurance Company in a dispute over reinsurance coverage for weather derivative contracts.Details of the award were announced on November 29, 2004 by Diamond State's Cayman Islands domiciled

    River Capital still claims to be seeking Bermuda license, also eyes Barbados

    Delaware-domiciled River Capital Group Inc., which is controlled by brothers Scott and Brian Lines, of investment firm Lines Overseas Management, is still maintaining that an affiliate's application for a Bermuda insurance license is alive - even though it appears to have died many months ago.

    ‘Bermuda Short’ informants Schlien and Jones plead guilty to fraud

    Two securities fraudsters whose undercover work for the FBI led to multiple indictments in 'Operation Bermuda Short' two years ago are finally being dealt with for the crimes that prompted them to co-operate.Robert Schlien, 56, and William David Jones, 43, each pleaded guilty to conspiracy to commit securities fraud at the U. S. District Court for the Southern District of Florida on October 29, 2004. Their scam caused losses of between $20 million and $40 million to investors in Sky Scientific Inc. and The Jockey Club Inc., both of Florida.

    SEC v. Treyton Thomas et al: Complaint

    Complaint alleging securities fraud involving, inter alia, Imagis Technologies, Inc., of Canada, and Indo Sakura Trust Ltd., of Nevis, in U. S. Securities and Exchange Commission v. Treyton L. Thomas and Pembridge Group Ltd., of the Cayman Islands, at the U. S. District Court for the District of Massachusetts.

    Bermuda firms sued over D&O coverage by ex-Enron director

    A former director of Enron has taken legal action against three Bermuda insurers and other firms concerning directors and officers coverage.Ken L. Harrison, who was once an Enron director and CEO/President of Portland General Electric Company, an Enron subsidiary, filed a complaint at the U. S. District Court for the Southern District of New York on October 20, 2004.

    Class action law firms circle Spitzer’s ‘kill’

    Class action law firms in the United States are targeting at least two Bermuda insurers and their officers as a result of Eliot Spitzer's investigation into alleged bid-rigging at broker Marsh & McLennan.At least three separate class actions alleging securities fraud have already been filed against ACE Ltd. and two against AXIS Capital Holdings Ltd. at federal courts in New York and Pennsylvania.

    SEC accuses Lines brothers of violations concerning River Capital Group

    The principals of investment firm Lines Overseas Management have been accused by the SEC of illegally failing to timely disclose their beneficial ownership of River Capital Group Inc., which claims to be trying to establish a Bermuda insurer headed by Robin Spencer-Arscott.

    LOM accused of securities fraud in new civil lawsuit

    Investment firm Lines Overseas Management, which is currently under investigation by three securities regulators, has been accused of fraud involving five more penny stock firms.The allegations against LOM and others are contained in a civil lawsuit that was filed by Computer Clearing Services Inc. at Los Angeles Superior Court, in California, on September 27, 2004.

    57 Citco-formed SPVs used in securities fraud, claim plaintiffs

    The Cayman Islands operation of the Citco Group set up at least 57 special purpose vehicles that were used to commit securities fraud against a publicly traded, United States based firm, it has been alleged. Citco (Cayman) has been named

    SEC v. LOM hearing postponed by ten days

    A court hearing in the United States concerning Bermuda based investment firm Lines Overseas Management and its Managing Director, Scott Lines, has been put back by ten days.Following a joint request by all parties, LOM and Lines must now appear

    AXIS Capital subpoenaed by Eliot Spitzer

    AXIS Capital Holdings Ltd. has become the latest firm to be subpoenaed by New York State Attorney General Eliot Spitzer as part of an investigation into incentive commission agreements between insurers and brokers.

    ACE subsidiaries settle class action for $14 m

    Four subsidiaries of ACE Ltd. have agreed to pay $14 million to settle a class action lawsuit filed in the United States on behalf of 900 firms that bought 1,100 workers' compensation policies from 1997 to 1999.A settlement was announced on July 28, 2004 by lead class attorney Joseph Roda, of RodaNast P. C., and came after four years of litigation and on the eve of trial.

    NYSE suspends trading in Annuity & Life, de-listing to follow

    The New York Stock Exchange has suspended the shares of financially-troubled Annuity and Life Re (Holdings) Ltd. pending the completion of action to de-list them.The suspension was announced by NYSE on July 27, 2004 and became effective before the opening of trading on July 30. Annuity & Life has advised the Exchange that it will not challenge the action.

    SEC v. Andrew J. Zahn et al: Complaint

    Complaint in U. S. Securities and Exchange Commission v. Andrew J. Zahn, Cynthia K. Berryman, and Philip J. Sexauer at the U. S. District Court for the Northern District of Illinois.

    Annuity & Life Re proposes reverse stock split

    Financially beleaguered Annuity & Life Re has sunk to the depths of proposing a reverse stock split in an attempt to maintain its listing on the New York Stock Exchange. A proposal to split the stock at a specified ratio within a range of one-for-two to one-for-twenty will be put to shareholders at the company's AGM that is due to be held in Bermuda on August 5, 2004.

    AT&T sues XL Insurance over 9/11 coverage

    AT&T Corp. has filed a civil complaint against 15 insurers, including XL Insurance (Bermuda) Ltd., over allegedly unpaid property damage and business interruption claims concerning 9/11. The telecommunications giant, which is registered in New York but based in New Jersey,  is seeking an award of not less than $139 million in an action filed at New Jersey Superior Court on June 11, 2004.

    LOM clears itself of wrongdoing

    Bermuda-based investment firm Lines Overseas Management Ltd. has denied allegations of securities fraud made against it by the SEC but is still refusing to co-operate with the regulator's investigations. LOM has reiterated its stance that its affairs are governed by the laws of Bermuda, the Bahamas and the Cayman Islands, where it has offices, and not the USA and Canada, where it makes much of its revenue.

    SEC investigates LOM for alleged securities fraud

    Bermuda-based investment firm Lines Overseas Management Ltd. and its principal officers, Scott and Brian Lines, are being investigated for alleged securities fraud in the United States. It has been alleged that the Lines brothers and LOM customers profited by more than $6.4 million from fraud and market manipulation and that the firm caused false statements to be filed with the SEC and altered its internal records to impede an investigation.

    2003 Compensation Review for Bermuda Insurance Executives

    Massive profits from exercising stock options made ACE Ltd. officers Donald Kramer and Brian Duperreault the best compensated officers among Bermuda-based, publicly-traded insurers in 2003.Kramer and Duperreault topped InsideBermuda's Seventh Annual Compensation Review for Insurance Executives with packages of $27.5 million and $26.8 million, respectively, for the 12-month period.

    Dominic Frederico ran ACE unit like a ‘boy’s club’, alleges former employee

    ACE Group senior officer Dominic Frederico likes to operate his business unit as a "boy's club" where "women aren't allowed in", according to a former employee.The claim was made in a lawsuit alleging sexual discrimination that was filed recently by Lisa A. Hicks, a former Vice President of Communications of ACE American Insurance Company.

    Bermuda News Briefs: April 30, 2004

    Bermuda News Briefs: Half of the 37,000 registered trademarks in Bermuda have been lost from the computerized Trademark Registry following a crash, The Royal Gazette newspaper reported on March 27, 2004; Centre Reinsurance International Co. has obtained a judgment for $4.4 million against Margent Group Inc. and Thomas G. Brown; Oil Insurance Limited announced on April 6 that two more energy companies had joined, continuing the recent trend of additions to its membership; AXIS U.S. Insurance has expanded its professional lines capabilities with the formation of a new professional liability unit and the establishment of a dedicated unit for financial institutions business; XL Capital Ltd. announced on April 19 that it would enter into the market for primary casualty risk management programs for major U.S. corporations; and details of several lawsuits involving Bermuda-domiciled firms that have been filed in the USA.

    Insider Talking: March 31, 2004

    A company formed by British investment fraudsters Lincoln Fraser and Jared Brook to disrupt the administration liquidation of their failed Imperial Consolidated Group, including perpetrating an asset recovery fraud against Imperial's investors, is about to go the way of most,

    Class action lawsuit against XL Capital

    XL Capital and three of its officers and directors have been named as defendants in a class action lawsuit alleging securities fraud. The complaint was filed at the U. S. District Court for the District of Connecticut on November 20, 2003 on behalf of investors who bought shares between November 1, 2001 and October 16, 2003.

    Weather coverage litigation settled in New York

    A lawsuit involving Bank of America, Platinum Indemnity Ltd., Diamond State Insurance Company and PartnerRe has been concluded. How it was settled, however, is not public knowledge since several documents concerning the case were filed under seal at the U. S. District Court for the Southern District of New York.

    Bank of Bermuda sued by former business partner and shareholder

    E-commerce solutions provider First Atlantic Commerce Ltd. has filed a lawsuit against its one-time business partner The Bank of Bermuda. Neither party would go into specific details about the nature of the action, which was filed at Bermuda Supreme Court on February 10, 2004.

    New CFO for Annuity & Life

    Beleaguered reinsurer Annuity & Life Re (Holdings), Ltd. announced on February 25 that it has promoted John W. Lockwood to Chief Financial Officer. Lockwood will maintain his responsibilities as Vice President of U.S. Operations for Annuity and Life Re (Holdings), Ltd.'s U.S. subsidiary, Annuity and Life Re America, Inc., and its operating subsidiary, Annuity and Life Reassurance America, Inc.

    US Gov’t seeks to seize Bahamas property

    The United States government is seeking ownership of property in the Bahamas that it alleges was bought with the proceeds of crime by a client of local law firm Graham Thompson & Co. It filed a civil forfeiture complaint at the U. S. District Court for the Western District of Washington on January 12, 2004.