Backed by the wealth of the Zurich Group, Centre Re, now known as Centre Solutions, was, for a while, considered to be one of the world's leading reinsurers. However, for such a substantial enterprise, it sure has had a lot
A.M. Best Co. has downgraded the financial strength rating of Centre Solutions (Bermuda) and its operating subsidiaries - prompting the insurer's management to request that they no longer be rated.The withdrawal request came after the ratings firm downgraded Centre Solutions and its operating subsidiaries from B+ (Very Good) to C++ (Marginal) on August 5, according to Best.
Bermuda based Centre Solutions (U.S.) Ltd. may face a policy claim for $421 million following an adverse court ruling in the United States. That likelihood increased on April 23, 2004 when a Centre Solutions insured, ZC Specialty Insurance Company, was held
Centre Solutions (Bermuda) Ltd. is among several defendants being sued for more than $40 million in a racketeering lawsuit filed in New York.The complaint was filed at New York Supreme Court for New York County on July 31, 2003 and
Not for the first time, the Centre Solutions/Zurich Insurance Group has been accused of ripping off insolvent insurers not long before they went bust, allegedly enriching itself at the expense of creditors.Several entities and individuals within the group are involved in litigation with the California State Insurance Commissioner.The Commissioner is seeking to void and recover $202 million of allegedly fraudulent transfers and recover damages for losses suffered under the commutation of a reinsurance agreement.
The Bermuda based Centre Solutions group is being sued for breach of contract in the United States by a firm that was fired as manager of 89 nursing homes in Illinois and Texas.The lawsuit was filed by Complete Care Services