Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Bermuda by Michael Morrison and Charles Thresh, as the Foreign Representatives of White Rock Insurance (SAC) Limited, described as "an indirectly controlled subsidiary of Aon Plc, a global professional services firm providing a broad range of services, including insurance and reinsurance brokerage and insurance management services", filed at the U.S. Bankruptcy Court for the District of Delaware. Editor's Note: The underlying insolvency proceedings are being conducted in secret at Bermuda Supreme Court, in keeping with the Court's policy of concealing negative information about Bermuda businesses from the general public.
Complaint for $735 million in John Johnston and Rachelle Frisby, as Joint Provisional Liquidators of PB Life and Annuity Co. Ltd. (in Provisional Liquidation), Northstar Financial Services (Bermuda) Ltd. (in Liquidation), Omnia Ltd. (in Liquidation), and PB Investment Holdings Ltd. (in Liquidation), PB Life and Annuity Co. Ltd., Northstar Financial Services (Bermuda) Ltd., Omnia Ltd., and PB Investment Holdings Ltd., all of Bermuda v. Greg Evan Lindberg, Christa M. Miller, Christopher E. Herwig, Devin E. Solow, Eric D. Bostic, Bankers Life Insurance Company, Colorado Bankers Life Insurance Company, Southland National Insurance Corporation, and Southland National Reinsurance Corporation at the U.S. Bankruptcy Court for the Southern District of New York.
Five businessmen in the Bahamas, Bermuda, Canada, and United States have been declared "not fit and proper" by the Cayman Islands Monetary Authority for their conduct regarding captive insurer Alpha Re, which collapsed nearly four years ago and has been accused of perpetrating a $165 million fraud.
Antitrust Complaint alleging "Aon's proposed acquisition of WTW would combine two of the three largest insurance brokers in the world. It would eliminate substantial head-to-head competition and likely lead to higher prices and less innovation, harming American businesses and their customers, employees, and retirees" in USA v. Aon Plc and Willis Towers Watson Plc, both described as Irish companies based in England, at the U. S. District Court for the District of Columbia.
Petition for Declaratory Judgment in Transform Holdco LLC v. Zurich American Insurance Company, ACE American Insurance Company, Allied World Assurance Company, Ltd., of Bermuda; Lloyd's Syndicate No. 318 MSP, of England; Westport Insurance Corporation, Lloyd's Syndicate No. 1414, of England; Tokio Marine America Insurance Company, Ironshore Specialty Insurance Company, Sompo International Holdings, Ltd., of Bermuda; American International Group UK Limited, of England; Neon Syndicate 2468, of Bermuda; Hamilton Re, Ltd., of Bermuda; Starr Surplus Lines Insurance Company, Canopius Insurance Services, Lloyd's Insurance Company (China) Limited, of China, and Aon Risk Services Central, Inc. at the District Court for the 162nd District, Dallas County, Texas.
Winding Up Petition in Valley Health System, of Virginia, USA v. Virginia Solution SPC Ltd., of the Cayman Islands, at the Grand Court of the Cayman Islands.
Petition for the sanction of a Scheme of Arrangement in the matter of Bon Secours Assurance Company Ltd. at the Grand Court of the Cayman Islands.
Plaintiff's Opposition to Bermuda-based Gregory Tolaram's Motion to Dismiss a complaint alleging he participated in a fraud involving Cayman Islands-domiciled Alpha Re Limited in Great Western Insurance Company v. Gregory Tolaram, of Bermuda, et al at the U. S. District Court for the Southern District of New York.
Second Amended Complaint in Great Western Insurance Company v. Mark Graham, Donald Solow, Blue Capital Management, Inc., Blue Alternative Asset Management LLC, Wilmington Savings Fund Society FSB, Christiana Trust, Regatta Holdings LLC, Cygnet 001 Master Trust, Cygnet 001 Master Trust Series 2011-A, Cygnet 001 Master Trust Series 2011-C, Cygnet 001 Master Trust Series 2013-A, Alpha Re Limited, Alpha Re (Cayman) Limited, Atlantic Specialty Finance, Blue Elite Fund Ltd., Blue Elite Fund LP, Blue II Ltd., Sancus Capital Blue Credit Opportunities Fund Ltd., Ability Insurance Company, John Drake, Edward Brendan Lynch, Gregory Tolaram, Advantage Capital Holding LLC, Dan Cathcart, and Kenneth King at the U. S. District Court for the Southern District of New York.
Petition to Confirm Arbitration Award in Catalina Holdings (Bermuda) Limited v. Jennifer Hammer, Director of Insurance of the State of Illinois, as Liquidator of Legion Indemnity Company, at the U. S. District Court for the Northern District of Illinois.
Bermudian businessman Gregory Tolaram, Bahamas-based financial adviser Edward Lynch, and seven insurers and investment funds in the Cayman Islands have been accused of participating in a $135 million fraud against U.S. insurer Great Western Insurance Company.
Unable to satisfy a $127 million arbitration award in New York, Cayman Islands-domiciled captive Alpha Re Limited, whose COO is Bermuda-based Gregory Tolaram, has gone into liquidation.
Petition for Court Supervision of a Voluntary Liquidation In the Matter of Alpha Re Limited (in Voluntary Liquidation) at the Grand Court of the Cayman Islands.
Petition to Confirm Arbitration Award in Great Western Insurance Company v. Alpha Re Limited at the U. S. District Curt for the Southern District of New York.
London-based litigation fund Argentum Capital, whose shares are listed on the Channel Islands Securities Exchange and whose chairman is retired British judge David Keene, is being financed by what appears to be a £90 m Ponzi scheme headed by Briton Brendan Terrill and involving the BVI, Cayman Islands, Hong Kong, Jersey, Singapore, Thailand and other jurisdictions, OffshoreAlert can reveal.
Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Ireland by Alexander Rosati, as the Foreign Representative of Chartis Excess Limited, at the U. S. Bankruptcy Court for the Southern District of New York.
Bermuda Monetary Authority v. The South of England Protection and Indemnity Association (Bermuda) Limited: Reasons for Winding-Up Order
Reasons for Winding-Up Order in Bermuda Monetary Authority v. The South of England Protection and Indemnity Association (Bermuda) Limited at Bermuda Supreme Court.
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
Max Bermuda Ltd. and a US subsidiary of Bermuda-based Arch Capital Group are among several insurers being sued for in excess of $60 million by the owners and operators of an oil refinery in Kansas that was damaged by flooding.
Retail giant Sears, Roebuck and Co. and related companies have filed a complaint in Atlanta in which they are seeking hundreds of millions of damages against insurers in Bermuda and elsewhere concerning an alleged bid rigging scheme involving brokers Marsh
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.
Four Aon Re employees are seeking to avoid being deposed for an arbitration proceeding between Bermuda based Scandinavian Reinsurance Company Ltd. and Continental Casualty Company, of Illinois.First, Kelly Smith, David Sullivan, Chris DeAngelis and Michael Bungert refused to comply with
Bermuda-based Overseas Partners Ltd. says it has reached a "tentative settlement" in two class action lawsuits filed on behalf of customers of its affiliate, United Parcel Service. The lawsuits were filed in the United States in 1999 and 2000 by parties who alleged racketeering, claiming they had been sold sham insurance in a UPS shipper's risk program that was reinsured by OPL.
Bermuda-domiciled AlphaStar Insurance Group Ltd. and 11 of its subsidiaries have applied for Chapter 11 bankruptcy protection in New York. The group is seeking breathing room while it seeks buyers for its assets, including policy-issuing subsidiary Realm National Insurance Company, for which AlphaStar "is no longer able to provide capital".
A Bermuda-based mutual insurer is involved in a claims dispute with a member whose freight vessel M/S Athena was blown up in Sri Lanka in a suspected attack by Tamil Tiger terrorists.Hellenic Mutual War Risks Association (Bermuda) Ltd., its manager, Thomas Miller; brokers and others are being sued in New York by Sea Trade Maritime Corp. after its claim was only partially satisfied.
Almost 12 months to the day after it began operations, Bermuda-based Endurance Specialty Holdings Ltd. filed a registration statement with the SEC to raise up to $200 million in an initial public offering.Endurance Specialty, which provides property and casualty insurance and reinsurance, intends to list on the New York Stock Exchange under the ticker 'ENH'.
A settlement has been reached in a lawsuit filed in the UK by former ACE officer John Charman against Aon and GIO Reinsurance, according to a report in The Insurance Insider newsletter, of London. The dispute related to reinsurance placed with Australia-based GIO by Aon on behalf of ACE's Lloyd's Syndicates 488 and 2488.
Captive manager International Risk Management (Bermuda) Ltd. is fighting a $200 million lawsuit filed in the United States by British-based minerals giant Rio Tinto PLC.In the lawsuit, IRMBL has been accused of mismanaging Rio Tinto's Bermuda-registered captive, Three Crowns Insurance Company Ltd., by failing to obtain adequate reinsurance coverage.Other defendants are Three Crown's reinsurance brokers: Minet Ltd., Alexander & Alexander of California Inc., Jardine Insurance Brokers Inc., Emett & Chandler Inc., Aon Risk Services Inc. of Northern California Insurance Services and Aon Corporation.
US and Canadian insurers this month started three new legal actions that will help to determine who will pay for the huge losses associated with the Unicover workers' compensation insurance pool. Sun Life Assurance Co. of Canada announced it had started arbitration to void Unicover-related reinsurance contracts, Phoenix Home Life Mutual Insurance Co. filed a lawsuit in the United Kingdom in an attempt to force a broker, Rattner Mackenzie, to reveal more information about Unicover and it is also believed that Lincoln National Life has filed a suit.
A lawsuit filed three years ago in New York is revealing in that it includes details of another business deal involving Martin Hoffman that ended in tears amid allegations of fraud and dishonesty and shows a link between Hoffman, the Bermuda/US-based Clarendon insurance group and Bermuda insurance consultant Robin Spencer-Arscott.