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    Articles British Virgin Islands Featured Fraud Insurance St. Lucia Tax USAOctober 27, 2011

    Offshore insurer Bancroft Life & Casualty sued by another U. S. insured

    mm
    By
    12 years ago

    Topics

    British Virgin Islands Fraud Insurance St. Lucia Tax
    USA
    [ 1 more... ] [ top 5 ]

    Keywords

    Association Benefits Group, Inc. Bancroft Life & Casualty Bradley Barros CBIZ MHM, LLC HongHua America, LLC
    Loren R. Cook & Associates Phil Sigel Premium Lite Program
    [ 3 more... ] [ top 5 ]

    Highlights

    • Accuses Bancroft Life of fraud
    • Insiders accused of siphoning off assets
    • Bancroft allegedly "overstated its net worth by approximately $15 million as of early 2010"
    • Insurer forced to move from BVI to St. Lucia after regulators refused to allow $20 m of questionable assets

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    Texas-based drilling rig manufacturer HongHua America, LLC has become the latest insured to sue troubled offshore insurer Bancroft Life & Casualty, whose policies appear to have been designed to help U. S. companies avoid or defer taxes.

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