Listed Securities

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.'

Shares in excess liability insurer ACE Ltd. fell by $2 per share on the New York Stock Exchange yesterday in unusually heavy trading after the firm announced it was setting aside another $200 million to meet breast-implant litigation claims.

It's either the best buy on the Bermuda Stock Exchange - or the worst. What is it? The common stock of BF&M.

Potential losses from breast implant litigation in the United States should not cause undue problems for Bermuda-based excess liability carriers ACE and XL, both companies said this week.

Potential losses from breast implant litigation in the United States should not cause undue problems for Bermuda-based excess liability carriers ACE and XL, both companies said this week.

Bermuda Fire & Marine chairman Charles Collis said yesterday that the company has between $50 million and $60 million in reserves and was put into liquidation to avoid "a feeding frenzy" by its creditors.