GTE Re cites reasons why Belvedere Insurance is insolvent
GTE Re applies to wind-up Bermuda-based Belvedere Insurance Company Limited.
GTE Re applies to wind-up Belvedere Insurance in dispute over $9M fee
A dispute between Belvedere Insurance and GTE Reinsurance Company, which are both based on the island, turned ugly this month when the latter applied to Bermuda Supreme Court to have the former wound up. The irony of GTE Re's application is that the company is believed to be a net debtor of Belvedere's, rather than a net creditor.