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
Surplus lines insurer Aspen Insurance UK Limited is seeking to avoid having to pay the litigation defense costs of a New Jersey based roofing contractor being sued over a condominium project.Details are contained in a complaint that was filed by
Boston based Liberty Mutual Group's civil complaint against nine former employees and Bermuda based Aspen Insurance for allegedly conspiring to steal its professional liability business has been dropped.The plaintiffs and defendants filed a joint stipulation "that this action is discontinued
A U. S. manufacturer of personal care and healthcare related products is suing Aspen Insurance UK Limited and Aspen Underwriting Syndicate 4711 in an attempt to enforce $25 million of coverage.CB Fleet Company Inc., a Virginia corporation based in Lynchburg,
Aspen Insurance UK Ltd. and three Lloyd's of London underwriters are seeking a declaratory judgment at federal court in Denver to avoid paying out up to $25 million in defense legal costs relating to Bernard Madoff's fraudulent investment scheme.Aspen Insurance,
A building contractor is suing Aspen Insurance UK Limited for allegedly illegally terminating a $2 million insurance policy.Suffolk Construction Inc. filed a civil complaint against Aspen at the Superior Court of the State of California in and for the County
A subsidiary of Bermuda domiciled Aspen Insurance Holdings Ltd. is seeking to avoid covering defense costs in two lawsuits filed against one of its insureds.Aspen Insurance UK Limited, which is domiciled in England and Wales and based in London, filed
A California based subcontractor is suing a British subsidiary of Bermuda based Aspen Insurance Holdings Ltd. for damages of at least $384,000, alleging the insurer refused to meet a litigation related claim. Pengilly Masonry, Inc., a California corporation, filed a
A British subsidiary of Bermuda based Aspen Insurance Holdings Ltd. is seeking to avoid paying an insurance claim of approximately $1.2 million.Details are contained in a civil complaint filed by Aspen Insurance UK Ltd., based in London, against Dune Energy,
United Kingdom based subsidiaries of Aspen Insurance and ACE are being sued for $2.9 million at federal court in New Orleans concerning an oil spill claim.Details are contained in a civil complaint that was filed by Jefferson Block 24 Oil
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.
A Florida-based international transportation firm is seeking unspecified damages from several insurers and reinsurers who allegedly failed to honor claims arising from Hurricane Katrina.
A United Kingdom subsidiary of Bermuda-based Aspen Insurance Holdings Ltd. is being sued in the United States for allegedly failing to pay claims concerning an oil spill. Eagle Oil Management Co. LLC, based in Caddo, Louisiana, is seeking unspecific compensatory and punitive damages in a civil complaint that it filed against Aspen Insurance UK Ltd. at the 1st Judicial District Court for the Parish of Caddo in the State of Louisiana on October 22, 2007. The case was transferred to the U. S. District Court for the Western District of Louisiana on November 16, 2007 by Aspen Insurance.
A charity and a hotel have filed two separate civil complaints against U. S. subsidiaries of Bermuda based Arch Capital Group Ltd. concerning Hurricane Katrina claims disputes.The first action was filed by Goodwill Industries of Southeastern Louisiana, Inc., a non
Mutual fund firm Fidelity has maintained its position as the single biggest investor group in the Bermuda insurance and reinsurance market.
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.
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”.
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.
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.
The head of an Aspen Insurance-subsidiary resigned in December after admitting that he "misstated his educational credentials in U. S. insurance regulatory submissions", stated the company. Aspen gave no further details about the reasons for the departure of Peter Coghlan as President and CEO of Aspen Specialty Insurance Company in a press release dated December 13, 2004. Coghlan has been replaced by Chris Maciejewski, who has served as Executive Vice President and Chief Casualty Underwriter of Aspen Specialty since 2003.
Aspen Insurance Ltd. became the latest Class 4 insurer - the category for the biggest entities - to form in Bermuda on November 6, 2002.Aspen Insurance Ltd. has been capitalized at $200 million, a small number compared with its contemporaries, and will specialize in property and casualty reinsurance.