First Virginia Re insolvent by $79m-$111 m, landmark ruling on company liquidations

Bermuda-based captive First Virginia Reinsurance Ltd. has a deficit of between $79 million and $111 million, according to a ruling at Bermuda Supreme Court.Details of the reinsurer’s insolvency were contained in a written judgment on October 23, 2003 by Puisne Judge Ian Kawaley.