ACE Ltd.

Catlin Insurance and others sued for return of $1.3 m in premiums

Bermuda domiciled Catlin Insurance Company Ltd. is among eight defendants being sued for allegedly failing to return at least $1.3 million of premium to Nevada domiciled risk retention group Health Facilities of California Mutual Insurance Company Inc.Details are contained in

ACE subsidiary sued over business interruption claim

A US subsidiary of ACE Ltd. is being sued for allegedly refusing to satisfy a business interruption claim totaling $523,000.Details are contained in a civil complaint that was filed by Texas based Gulf Coast Asphalt Co. LLC against ACE American

ACE sued for $133 m in Cayman over unpaid claims arising from Liberian civil war

ACE Ltd. is being sued for US$133 million at the Grand Court of the Cayman Islands by the Receiver of the Liberian operations of CIGNA Worldwide Insurance Company.The action was brought on July 9, 2008 - one day before ACE's shareholders approved - at the company's AGM in Bermuda - a proposal to move ACE's domicile from the Cayman Islands to Switzerland. Two days prior to the completion of its re-domestication being announced on July 18, ACE gave a written undertaking to the Cayman court that its Swiss successor would submit to the jurisdiction following the transfer and pay any sum that the court might order in the case. Without such an undertaking, it is questionable whether ACE would have been allowed to move to Switzerland.

Fidelity mutual fund group continues its ownership dominance in Bermuda market

Boston, Massachusetts-based mutual fund group Fidelity continues to be the biggest single investor — by a considerable margin — in the Bermuda insurance and reinsurance market.Fidelity owns at least 5% of the common shares of 10 of the 17 Bermuda-based companies publicly-listed in the United States that were included in an ownership review by InsideBermuda, based on filings with the U. S. Securities and Exchange Commission.

Comcast Corp. sues Bermuda insurers for $14 m in hurricane-related damages

Two Bermuda-based firms, Allied World Assurance Company and ACE Underwriting Agencies Limited, are among 13 defendants being sued for $14.7 million by U. S. Comcast Corporation over an insurance claim for damages caused by a hurricane that struck Florida in 2004. The complaint was filed by Pennsylvania-based Comcast Corporation, which is the largest cable television company and second largest Internet Service Provider in the U. S. and also a provider of telephone services, at the U. S. District Court for the Eastern District of Pennsylvania on April 9, 2008. The sole cause of action is breach of contract.

Letter from Bermuda: A sign of the times? Bermuda’s main insurance conference moves to Dubai

The month of March, 2008 may be viewed by history as the beginning of the demise of the Bermuda insurance market. A 60-year growth pattern, the envy of every other country in the world, is now threatened by short-sightedness and greed on the part of the Bermuda Government. Insurance executives are talking openly about "voting with their feet" as the only way of dealing with the Government's rapaciousness. If they leave, Bermuda will be up against it.Two major events marked the month. First, the World Insurance Forum, a Bermuda event since its inauguration in 1994, an event organised by Bermuda people, voted with its feet and was held in Dubai, in a tent. The Forum is a world-beating franchise that allows very senior insurance people to come together every two years to thrash out major issues. It is the insurance equivalent of the World Economic Forum, held in Davos. Attracting people to Bermuda in the spring is not a difficult task, and the Forum apparently attracted up to 750 attendees.

Storage group sues Bermuda insurers over Hurricane Katrina claims

Several Bermuda insurers have been named as defendants in a Hurricane Katrina related lawsuit filed in the United States.Safeguard Storage Properties LLC and 36 of its subsidiaries have filed a complaint against Endurance Specialty Insurance Company, Axis Specialty Insurance Co.,

Tyson Foods seeks $113 m in Hurricane Katrina claims

Giant meat processor Tyson Foods, Inc. is seeking damages of more than $113 million in litigation and arbitrations against insurers in Bermuda and elsewhere for alleged property damage and business interruption losses caused by Hurricane Katrina on August 29, 2005.Details

ACE settles Pennsylvania action for $9 m

ACE Ltd. has agreed to pay $9 million to settle allegations that it was involved with other insurers and brokers to rig bids for excess casualty insurance. The settlement agreement between ACE, Pennsylvania Attorney General's Office and the Pennsylvania Department of Insurance was announced on May 14.

Allied World Assurance and ACE settle with US regulators

Two Bermuda based insurers recently announced they had reached settlements with United States regulators who were looking into allegedly illegal practices.First, Allied World Assurance Company Holdings Ltd. disclosed on April 12 that it was taking a charge of $2.1 million

Sears accuses Bermuda insurers of ‘frustrating’ claims for hurricane losses

United States-based retail giant Sears is suing insurers in Bermuda and elsewhere for allegedly frustrating the processing and payment of “enormous” claims stemming from Hurricane Katrina in 2005. Sears Holdings Corporation, a Delaware corporation based in Hoffman Estates, Illinois, filed a civil complaint at the Circuit Court of Harrison County, Mississippi Second Judicial Court on August 25, 2006, with the case being transferred to the U. S. District Court for the Southern District of Mississippi on December 18, 2006.

Bermuda insurers sued for $100 m by Citigroup

Three Bermuda-based insurers are being sued by Citigroup Inc. for allegedly failing to honor up to $100 million of claims concerning the settlement of litigation for the alleged mis-selling of financial products. Citigroup Inc., a Delaware corporation based in New York, as successor in interest to Associates First Capital Corporation, filed a civil complaint at the 164th District Court of Harris County, Texas on October 23, 2006, with the case being transferred to the U. S. District Court for the Southern District of Texas on November 17, 2006.

ACE, Odyssey Re & others lose $175 m arbitration award hearing

A United States court has entered an order confirming a $175 million arbitration award in favor of an AIG-subsidiary against several insurers, including two that are based in Bermuda.The U. S. District Court for the Southern District of New York issued a judgment for American Home Assurance Company on September 21, 2006 - 16 days after the petition was filed.

ACE moves to protect reputation in Philadelphia

ACE Ltd. has taken action to protect its reputation in the United States after six employees of a Philadelphia insurance brokerage with a similar name were charged with fraud.ACE, which is domiciled in the Cayman Islands but headquartered in Bermuda, and ACE INA Holdings Inc., incorporated in Delaware, based in Philadelphia, Pennsylvania, filed a complaint against ACE Insurance Agency LLC, and Abe Insurance Agency LLC, both incorporated in Philadelphia and based in Allentown, PA at the U. S. District Court for the Eastern District of Pennsylvania on August 31, 2006.

Bermuda insurer among defendants being sued for $1.1 m

A Bermuda mutual insurer is among defendants who are being sued for $1.16 million regarding insurance coverage for a shipping incident in Puerto Rico involving a vessel chartered by another Bermuda entity.Through Transport Mutual Insurance Association Limited, which is managed

Scottish Re is lone Q2 loss-maker of 14 reporting Bermuda insurers

Of the 14 publicly-listed, Bermuda-based insurers and reinsurers who recently filed their second quarter earnings with the SEC, only Scottish Re reported a loss.Commenting on a loss of $2.43 per share, or $121 million, Scottish Re's Interim CEO, Paul Goldean, said: “The results for the quarter are a sharp departure from our original projections and estimates provided to our stakeholders”.

Fidelity increases investment in Bermuda insurance market

Mutual fund firm Fidelity has increased its position as the largest single investor group in the Bermuda insurance and reinsurance market.The Boston, Massachusetts-based group owns at least five per cent of the common shares of 12 of the 16 companies whose ownerships were reviewed by InsideBermuda, compared with eight of 14 companies in a similar review last year. As of June 30, 2006, Fidelity's total stake in the Bermuda market had a stock market value of approximately $5.6 billion.

XL & other Bermuda-related firms sued for $32.4 m in Texas

XL Insurance (Bermuda) Ltd. and other companies with Bermuda connections are being sued for $32.4 million in the United States regarding the alleged non-payment of a business interruption claim. The complaint was filed at the District Court of Harris County, Texas, 113th Judicial District on December 5, 2005 and transferred to the U. S. District Court for the Southern District of Texas on April 7, 2006 following an application by XL.

Bermuda companies sued by Marsh clients over bid-rigging scheme

Eight Bermuda based companies are among the defendants in a recently civil lawsuit filed recently by clients of broker Marsh & McLennan who claim they were damaged in a bid rigging scam. One of the plaintiffs is also incorporated in Bermuda.

Bermuda insurers sued in $350 m-limit policy dispute

A New Jersey based manufacturer has sued several insurers, including two that are incorporated in Bermuda, in an attempt to enforce a $350 million limit insurance policy.Formosa Plastics Corporation USA claims they have breached the terms of the contract concerning

Offshore insurance giant settles regulatory probe

Bermuda's largest publicly-listed insurer has agreed to pay $80 million to settle allegations that it engaged in bid-rigging and improper reinsurance transactions.New York Stock Exchange-listed ACE Ltd., which is headquartered in Bermuda, although it is domiciled in the Cayman Islands, also issued a public apology as part of yesterday's settlement with New York State Attorney General Eliot Spitzer and New York State Insurance Superintendent Howard Mills, Connecticut Attorney General Richard Blumenthal and Illinois Attorney General Lisa Madigan.

Bermuda insurers well-positioned for 2006 [Just like they were for 2005!!!]

Property catastrophe reinsurer PXRE Group was the worst of the bunch as 15 Bermuda-based, publicly-listed insurers reported their - mostly horrendous - fourth quarter results to the SEC during February. Two-thirds of the firms reported net losses, while only two actually managed to make an underwriting profit, as opposed to relying on investment returns to compensate for a lack of underwriting success. Just about the only thing that many firms were successful at towards the end of 2005 was tapping into the seemingly endless supply of capital available to the industry.

ACE resolves Connecticut AG’s action

ACE Limited disclosed on September 22 that it had resolved a lawsuit brought by the Connecticut Attorney General, and will pay $40,000 in exchange for a release of Connecticut's claims and a withdrawal of the complaint. "The claims related to

Fidelity maintains position as ‘owner’ of Bermuda market

Fidelity - the largest mutual fund group in the United States - has maintained its position as the largest single investor group in the Bermuda insurance market.Fidelity owns at least five per cent of common shares in eight of the 14 Bermuda-based, publicly-listed insurers whose ownerships were reviewed by InsideBermuda. That is three more major investments than another Boston, Massachusetts-based fund group, Wellington Management, which was revealed as the second biggest ownership group in our review. Collectively, Fidelity's stakes have a market value of more than $2.7 billion, with Wellington just behind at $2.5 billion.

2004 Bermuda Insurance Market Compensation Review: Montpelier Re boss tops contemporaries with $15.3 m package

Stock option profits of $9.8 million helped make Anthony Taylor the best compensated officer of a Bermuda-based, publicly-listed insurer in 2004.The Chairman, President and CEO of property and casualty reinsurer Montpelier Re received a total package worth $15.3 million during the 12-month period, propelling him into top spot in InsideBermuda's compensation review, compared with 31st position a year earlier.

California judge dismisses lawsuit against ACE companies

ACE announced on March 8 that California Superior Court Judge James L. Warren had entered judgment in favor of several ACE companies in a lawsuit brought against Insurance Company of North America (INA), INA Financial Corporation, ACE Property and Casualty

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.

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

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.

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.

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.

ACE announces Lloyd’s of London capacity cutback

ACE Ltd. announced on December 4 that it is to cut its underwriting at the Lloyd's of London insurance market by more than a third next year.ACE, which is one of the largest investors at Lloyd's, will cut its capacity to approximately $1 billion (£650 million) in 2003 from about $1.4 billion this year.

More problems for ESG Re as auditor resigns

John Head's ESG Re announced in December that Deloitte & Touche had resigned as its auditor and withdrawn its audit for fiscal 2001 and review reports for three quarters, including the first half of 2002.

European floods cause losses for ACE and PartnerRe

The recent European floods led to announcements of potential losses in September by ACE and PartnerRe.ACE, which is due to releases its latest earnings on October 29, stated that its third quarter operating income will be hit "by approximately $90

ACE considers slashing Lloyd’s of London capacity

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.

ACE/XL settle World Trade Center dispute

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.

Q4 2001 Results Round-Up for Bermuda insurers

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.

ACE expects Q4 results to be worse than expected, joins S&P 500 Index

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.

ACE takes legal action against John Charman

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

World Trade Center leaseholder sues ACE and XL Capital

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

John Charman abruptly leaves ACE

John Charman, who is highly respected for his achievements in the London market, this month suddenly departed as Group President and CEO of the ACE International Group.
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