Listed Securities

Two lawsuits that may be winding up petitions have been filed against companies that are part of the Mutual Risk Management Group.Both actions were filed at Bermuda Supreme Court under The Companies Act 1981, according to a source. This is

PartnerRe's United States based operation has been dragged into litigation over who is responsible for paying $29 million of losses relating to weather derivative contracts covering 'special events'. PartnerRe was named as a third party defendant in a complaint filed

Bermuda based Allied World Assurance Company Ltd. announced two new appointments during September Executive Vice President Scott Carmilani was appointed as Senior Underwriting Officer and Cotina D. Forth Albuoy joined as Assistant Vice President, General Casualty.Cotina has 12 years' experience

RenaissanceRe Holdings announced on September 23 that it was buying 3.96 million shares of Platinum Underwriters Holdings Ltd.The purchase was through a private placement concurrent with the closing of Platinum's announced initial public offering of its common shares and the

Crisis firm Stirling Cooke Brown Holdings has changed its name to AlphaStar Insurance Group Ltd., effective September 30, in its latest attempt to shed itself of its poor image.The firm stated that its "Board of Directors had decided that a

Three new civil lawsuits - one in Bermuda and two in the United States - have been filed against members of the Mutual Risk Management group.On July 30, 2002, Aegis Corporation and Principal Insurance Managers filed an action against Mutual Indemnity (Bermuda) Ltd. at Bermuda Supreme Court.

The farce that is Brek Energy continued in August with the reporting of yet another quarterly loss and a restatement of previous earnings because the firm had classified some expense as revenue.Brek, into which the Bank of Bermuda and clients of Bermuda-based Lines Overseas Management invested in excess of $28 million, reported a net loss of $3.4 million for the quarter ended June 30, 2002.

A Beverly Hills lawyer who tried to defraud an ACE-owned insurance company over a sunken yacht has been imprisoned for seven and half years, according to a report in The Royal Gazette newspaper.Rex K. DeGeorge was also fined $2.8 million for filing a fraudulent claim with Cigna Property and Casualty Insurance Company, reported the newspaper.

The Managing Director of Stirling Cooke Brown's London broking operations, now renamed Gresham Intermediaries, has resigned after less than 12 months with the group.

Two more class action lawsuits were filed against Mutual Risk Management Ltd. during July, bringing the number of shareholder actions to five over the last two months.As with the previous suits, they were both filed in the U. S. District Court for the Southern District of California and the defendants in each were MRM, Robert A. Mulderig, James C. Kelly and Andrew Cook.

OffshoreAlert has uncovered further information casting doubt on the legitimacy of Nasdaq-listed Brek Energy, whose dismal operating results caused the Bank of Bermuda to write off its entire $14.3 million investment.We have obtained details of allegations of impropriety against the firm's Chief Financial Officer in 1995 relating to a former employer.

Bermuda-based ACE is considering reducing the capacity of its Lloyd's Syndicate by 27.5 per cent for the 2003 underwriting year, according to a report in The Insurance Insider newsletter, of London.ACE has drawn up a provisional business plan to reduce the capacity of Syndicate 2488 from GBP900 million (US$1.4 billion) to GBP652 million (US$1 billion) for the underwriting year 2003.

PartnerRe to open office in Chile and Merrill Lynch sponsors Bermuda insurer.

Three Class Action lawsuits were filed against Bermuda-based insurance firm Mutual Risk Management and three of its current and former officers in June. The complaints were all filed at the United States District Court for the Southern District of California, in San Diego, on June 7, June 24 and June 25.

Stock manipulation or a happy coincidence? That is the unanswered question surrounding the recent share activity of perennial loss-maker Brek Energy, formerly First Ecom.com.For more than ten months, the firm's shares had closed at below $1 on the Nasdaq National Market System in breach of the Exchange's $1 minimum bid requirement for continued listing.

A class action lawsuit has been filed in California against Mutual Risk Management Ltd. and three of its current or former senior officers, alleging misrepresentation of the firm's finances. The civil lawsuit was filed at the United States District Court for the Southern District of California on June 7, 2002.

Five Bermuda based, publicly listed insurers reported their results for the quarter ended March 31, 2002 during May.Stirling Cooke Brown Holdings and ESG Re reported losses, while Max Re Capital, PartnerRe and Scottish Annuity & Life reported profits.Stirling Cooke Brown

PricewaterhouseCoopers filed a $1 billion IPO with the SEC on May 2 in a spin off of its management consulting and technology services division under the umbrella of a Bermuda domiciled holding company.The IPO for PWCC Ltd., which was incorporated

A United States-based trucking concern has obtained a $3 million asset freeze order against the financially troubled Mutual Risk Management group. Bermuda Supreme Court issued the order on April 25, 2002 after an application that same day by Franklin Logistics Inc.

RenaissanceRe Chairman and CEO James Stanard has topped InsideBermuda's annual insurance executive compensation review for the fifth straight year with a package valued at $24.4 million for fiscal 2001. Stanard's compensation was almost three times the value of the runner-up - his colleague at RenaissanceRe, David Eklund, who earned $8.6 million.

The secondary listing of Bank of Bermuda shares on Nasdaq, effective April 23, has created arbitrage opportunities for traders.Between its U.S. listing debut and the end of April, the bank's stock closed at a higher price on Nasdaq than the BSX on day, once by as much as $1. Nasdaq volume was more than 12 times greater.

The shares of Mutual Risk Management have been de-listed from the New York Stock Exchange.   The shares are now trading on the Pink Sheets (www.pinksheets.com) under the symbol 'MLRM'.

Stirling Cooke Brown Holdings has reported a net loss of $11.27 million for the quarter ended December 31, 2001, bringing its total losses over the last two fiscal years to $58.34 million. The company has also publicly disclosed what InsideBermuda first revealed on January 31, 2002 - that it faces having its shares de-listed from the NASDAQ National Market System.

Mutual Risk Management subsidiaries Legion Insurance Co. and Villanova Insurance Co. have gone into "voluntary rehabilitation" following court action by Pennsylvania Insurance Commissioner Diane Koken. The rehabilitation orders, which were granted by the Commonwealth Court of Pennsylvania on March 28, 2002, become effective April 1, 2002.

A telemarketing scam has caused a potential gross loss of approximately $5.3 million for the Bank of Bermuda, which provided credit card processing services to the crooks believing their business to be clean. The liability was incurred when victims of the scam began doing charge-backs, leaving the bank, as card processor, ultimately responsible for losses.

PartnerRe announced on March 11 that it bound contracts expected to generate $1.37 billion in premiums during its key January 2002 renewal season, an increase of 37 per cent. "The Company entered the renewal season with expiring premium of approximately $1 billion," stated the firm.

Mutual Risk Management subsidiaries Legion Insurance Co. and Villanova Insurance Co. have gone into “voluntary rehabilitation” following court action by Pennsylvania Insurance Commissioner Diane Koken. The rehabilitation order, which was granted by the court on March 28, 2002, becomes effective April 1, 2002.

ACE and XL Capital have settled their litigation with the leaseholder of the World Trade Center, Silverstein Properties Inc. Under the terms of the deal, ACE will pay $298 million and XL will pay $67 million, the full limits of the policies they underwrote, within 30 days.

Seven Bermuda insurers reported fourth quarter earnings in February, with Mutual Risk Management, XL Capital and Annuity and Life Re posting losses and ACE, IPC Holdings, PartnerRe and Scottish Annuity reporting profits.

The collapse of its share price to penny stock status, downgrade of its credit ratings, breach of debt covenants and uncollectible reinsurance are not all Mutual Risk Management has to worry about. A jury trial is due to start at Gwinnett Superior Court, Georgia on July 29, 2002 in which MRM is a defendant in a civil lawsuit filed under the Racketeering Influenced and Corrupt Organizations Act.

RenaissanceRe announced on February 25 that it had filed with the SEC a shelf registration statement for the proposed offering of up to $500 million of securities. "Under this shelf registration statement, the Company will have the flexibility to sell debt securities, common and preferred shares, warrants and share purchase contracts and units, as well as trust preferred securities or a combination of the above," stated the firm.

Bemuda-domiciled Everest Reinsurance Company has been accused by a judge of having "a severe case of sour grapes" by seeking to vacate an $11.63 million arbitration award. The comment was made by Judge Samuel B. Kent in a ruling dated January 11, 2002 in which he confirmed an arbitration award in favor of American National Insurance Co.

XL Capital announced on February 27 that its insurance subsidiary, XL Insurance (Bermuda) Ltd, and Swiss Re Financial Products Corp. had withdrawn their respective claims in the lawsuit filed in London in 2001 related to a contractual disagreement over the validity of a "reference entity" and the operation of certain other terms and conditions contained in a credit default swap between the two companies.

The share price of Mutual Risk Management fell to an all-time low of $2.72 during morning trading on the New York Stock Exchange today after the troubled company announced it was delaying the release of its 2001 earnings.

After unsuccessfully trying to cope with the devastating loss of its UPS Shipper's Risk program in 1999, Bermuda-based Overseas Partners Ltd. has decided to shut down its operations. In an announcement today, the firm stated it had decided to "restructure OPL and cause most of its operations to begin an orderly runoff".

Letter to the Editor of OffshoreAlert from Richard Ferrett, Executive Vice President & Chief Financial Officer, Bank of Butterfield.

XL Capital announced on January 28 that it expects to report a fourth quarter loss of $60 million. The loss is largely due to the firm taking charges related to increased prior-period casualty reinsurance loss reserves and several large Q4 loss events, including Enron.

RenaissanceRe reported net income of $50.6 million for the quarter ended December 31, 2001 - an increase of 33.9 per cent compared with the same period of 2000. Revenues went up by 17.7 per cent from $104.9 million to $123.4 million, while expenses fell by 13 per cent from $65.6 million to $57.1 million. Operating earnings per common share grew to $2.07 in the fourth quarter, from $1.79 per common share in Q4 of the previous year.

Mutual Risk Management announced on January 15, 2002 that it had filed a Shelf Registration Statement with the SEC for up to $200 million of newly issued Common Shares.

Max Re Capital reported net income of $10.1 million or 26 cents per share for the quarter ended December 31, 2001, compared with $3.8 million or 14 cents per share for the corresponding period of 2000.

Bermuda-based insurance broker Stirling Cooke Brown Holdings and offshore-owned electronic payments processor First Ecom.com, which is funded largely with offshore money, face having their shares de-listed from in the first half of 2002 unless their stock prices improve. They have until February 11 to get their stocks above the $1 minimum bid that is required for continued listing on the NASDAQ National Market.

Whatever investors in Annuity & Life Re think about the dramatic slump in the firm's stock price, they cannot justifiably accuse insiders of profiting from knowing something that the market did not. Filings with the SEC show that company insiders were buying stock in the last quarter of 2001 for prices significantly above the firm's current value of about $17.50 per share.

ACE Ltd. announced on January 8, 2002 that its fourth quarter net operating income will fall below expectations. ACE said its results had been adversely affected by an increase of approximately $80 million, after taxes, in property losses incurred in its European Commercial Property portfolio.

Scottish Annuity & Life Holdings has appointed a former member of the governments of UK Prime Ministers Margaret Thatcher and John Major as a director.Additionally, a deal that will make Pacific Life Insurance Company Scottish Annuity's largest shareholder has now been approved by Scottish Annuity's shareholders and regulators.

Goldman Sachs-controlled Stirling Cooke's proposed name change to Atlantic Star Insurance Group Ltd. has been halted at the eleventh hour after it was discovered the name clashed with an existing firm. Curious as to why the company had not yet effected a name change that was approved at Stirling Cooke's AGM as long ago as May 23, 2001, InsideBermuda asked Stirling Cooke for an explanation.

Everest Reinsurance Company, whose parent company is domiciled in Bermuda, is being sued in Texas by an insurer seeking to enforce an arbitration award.American National Insurance Company filed the lawsuit at the United States District Court for the Southern District of Texas on December 7, 2001.

XL Capital and PartnerRe had at least two things in common in December - they both announced large exposures relating to the collapse of Enron Corp. and they both filed shelf registration statements with the SEC.The registrations will allow them to sell up to $2.1 billion worth of securities, with XL accounting for $1.5 billion of that amount and PartnerRe $600 million.

ACE Ltd. has taken legal action against former executive John Charman to enforce provisions of his termination agreement that restrict his business activities until March 17, 2002.ACE filed an action at the High Court of Justice, Queens Bench Division, in

Goldman Sachs controlled Stirling Cooke Brown's problems worsened this month as the firm announced that its reinsurance subsidiary, Comp Indemnity Reinsurance Company Ltd., had become insolvent.News of CIRCL's insolvency was contained in the firm's 10Q filing with the SEC on

The leaseholder of the World Trade Center this week filed suit against ACE Ltd. and XL Capital Ltd. in November seeking to force them to resolve disputes over insurance claims relating to September 11. Larry Silverstein is asking the court