Allied World Assurance Company Ltd. v. St. Paul Fire and Marine Insurance Company et al. - Bermuda Supreme Court
Ex-owners of Clarendon Insurance seek to enforce $92 m Bermuda judgment regarding Stirling Cooke fraud
The former owners of the Clarendon Insurance Group have taken legal action to force Travelers Indemnity and Executive Risk Specialty Insurance to satisfy $25 m of a $92 m judgment in Bermuda arising from a fraud committed by the now-defunct, Goldman Sachs-controlled Stirling Cooke group.
Clarendon America Insurance Company has obtained a default judgment against one of four defendants accused of causing the insurer damages of at least $40 million due to fraud.Judgment was entered against Lyndal Ray Stocks, a.k.a. Ray Stocks, of Houston, Texas, on February 7, 2003 at New York State Supreme Court. The court has yet to order a penalty.The case against co-defendants Eton Management Corp., registered in Delaware but based in New York; Martin Hoffman, of Bal Harbor, Florida; and his son, Wade Hoffman, of New York, is ongoing.
The Clarendon Insurance Group has terminated a substantial business production agreement with New York-based Eton Management, which is run by notorious businessman Martin Hoffman.
Clarendon America Insurance Company moved its domicile to New Jersey in 1995 not long after a damning report into its business affairs by Delaware regulators, Offshore Alert can disclose. The company, which forms part of the US/Bermuda-based Clarendon group, was found to have breached numerous regulations during an examination by regulators Nicholas Prumatico and Ronald Fox.
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.