The net deficit of Legion Insurance Company, a former operating subsidiary of Bermuda-based Mutual Risk Management Ltd., increased by $15 million to $637 million in the third quarter of 2007, according to the latest liquidators report.
The net deficit of Legion Insurance Company, a former operating subsidiary of Bermuda-based Mutual Risk Management Ltd., increased by $8 million to $622 million in the first six months of 2007, according to the latest liquidator's report. At June 30, 3007, Legion had assets of $2.73 billion and liabilities of $3.35 billion, reported the Commonwealth of Pennsylvania Insurance Department, which is liquidating Legion.
The net insolvencies of two former operating subsidiaries of Bermuda-based Mutual Risk Management Ltd. rocketed from $334.3 million to $852.6 million in 2006, according to their liquidator. The deficits of Legion Insurance Company and Villanova Insurance Company increased from $225.3 million to $614 million and from $109 million to $238.6 million, respectively, during the year.
Mutual Risk Management Ltd. has settled litigation with Boston based John Hancock Life Insurance Company, which MRM blamed for causing its collapse.MRM's civil complaint against Hancock was dismissed with prejudice at the U. S. District Court for the Eastern District
Just three months before its claim for hundreds of millions of dollars in damages is due to be tried, Mutual Risk Management Ltd. is involved in a discovery dispute with John Hancock Life Insurance Company.In a filing at the U.
Mutual Risk Management subsidiary Legion Insurance Company has been awarded $21.5 million in an arbitration against John Hancock Life Insurance Company.The award was for damages and expenses caused by Hancock's "failure to pay reinsurance proceeds to Legion", according to a
July was a significant month for Mutual Risk Management, with two of its subsidiaries going into liquidation in the United States and a scheme of arrangement being approved for the company itself.The bad news for the firm came when liquidation orders were issued for Legion Insurance and Villanova Insurance by the Commonwealth Court of Pennsylvania on July 28.
A Pennsylvania judge has criticized state insurance regulators in the United States and reinsurers for failing to save two property and casualty subsidiaries of Bermuda-based Mutual Risk Management. On June 26, Judge Mary Hannah Leavitt granted petitions from Pennsylvania Insurance Commissioner Diane Koken to liquidate Legion Insurance Co. and Villanova Insurance Co.
Ralph Milo and Robert Ferguson seek $25 m from reinsurers for ‘interference’ with Clarendon sale to Hannover Re
Parties who sold the Clarendon Insurance Group to Hannover Re in 1999 had to accept $25 million less than an agreed price because two reinsurers stopped paying claims during sale negotiations, it has been alleged. The reinsurers, The John Hancock
Major creditors of Mutual Risk Management Ltd. are scheduled to meet in Bermuda on February 5, 2003 at which they will be asked to approve a proposed Scheme of Arrangement for the financially-troubled firm.Under the proposals, senior debt-holders would become the majority owners of current MRM-subsidiary MRM Services Ltd., doing business as IAS Park.
At a time when Mutual Risk Management was desperate for cash to meet its liabilities, its then Chairman and CEO, Robert Mulderig, owed the firm an advance of $318,303, according to an SEC filing. Details of the debt, which has
Mutual Risk Management subsidiaries Legion Insurance Co. and Villanova Insurance Co. have gone into "voluntary rehabilitation" following court action by Pennsylvania Insurance Commissioner Diane Koken. The rehabilitation orders, which were granted by the Commonwealth Court of Pennsylvania on March 28, 2002, become effective April 1, 2002.
Mutual Risk Management subsidiaries Legion Insurance Co. and Villanova Insurance Co. have gone into “voluntary rehabilitation” following court action by Pennsylvania Insurance Commissioner Diane Koken. The rehabilitation order, which was granted by the court on March 28, 2002, becomes effective April 1, 2002.
The collapse of its share price to penny stock status, downgrade of its credit ratings, breach of debt covenants and uncollectible reinsurance are not all Mutual Risk Management has to worry about. A jury trial is due to start at Gwinnett Superior Court, Georgia on July 29, 2002 in which MRM is a defendant in a civil lawsuit filed under the Racketeering Influenced and Corrupt Organizations Act.
Mutual Risk Management Ltd. and two of its subsidiaries have been named as defendants in a civil lawsuit filed in California under the Racketeering Influenced and Corrupt Organizations Act.The action has been brought by Los Angeles based law firm Hollins
A civil lawsuit by Clarendon National Insurance Co. and subsidiaries of Mutual Risk Management and Stirling Cooke Brown Holdings. has been stayed after the defendant filed for bankruptcy. Clarendon National, Legion Insurance Company and Realm National Insurance Company have been
Legion Insurance, the Philadelphia based subsidiary of Mutual Risk Management, has been fined $75,000 by regulators in Washington State for violating state insurance laws.The fine was levied earlier this month "for continuing to market and sell medical malpractice insurance in