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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.

Class action brought against Arch Specialty Insurance over Florida deductibles

A class action complaint has been filed in Florida against a subsidiary of Bermuda-based Arch Capital Group Ltd. on behalf of all insureds who filed claims for hurricane damages and had deductibles and penalties reduced from their payments.Plaintiff PHLD Partnership, which owns property in Florida, claims that all property insurance policies issued by Nebraska-domiciled Arch Specialty Insurance Company in Florida fail to comply with the law and, therefore, should be declared void.

Arch Capital subsidiary sued by security firm

A U. S. subsidiary of Bermuda-based Arch Capital Group Limited is being sued in New Jersey by a large, privately-held property management and security services company. Arch Insurance Company, based in Stamford, Connecticut, is a defendant along with IOA Re, described as a "professional reinsurance underwriter manager" headquartered in Norristown, Pennsylvania; and The Loomis Company, described as an "independent insurance agency" based in Wyomissing, Pennsylvania, in a complaint that was filed by Control Services Group, a New Jersey corporation based in Secaucus, New Jersey, at the Superior Court of New Jersey, Law Division, Bergen County, on September 19, 2007 and transferred to the U. S. District Court for the District of New Jersey on November 2, 2007 by IOA Re.

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.

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.

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.