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Catlin Insurance and others sued for return of $1.3 m in premiums

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

Storage group sues Bermuda insurers over Hurricane Katrina claims

Several Bermuda insurers have been named as defendants in a Hurricane Katrina related lawsuit filed in the United States.Safeguard Storage Properties LLC and 36 of its subsidiaries have filed a complaint against Endurance Specialty Insurance Company, Axis Specialty Insurance Co.,

Tyson Foods seeks $113 m in Hurricane Katrina claims

Giant meat processor Tyson Foods, Inc. is seeking damages of more than $113 million in litigation and arbitrations against insurers in Bermuda and elsewhere for alleged property damage and business interruption losses caused by Hurricane Katrina on August 29, 2005.Details

XL & other Bermuda-related firms sued for $32.4 m in Texas

XL Insurance (Bermuda) Ltd. and other companies with Bermuda connections are being sued for $32.4 million in the United States regarding the alleged non-payment of a business interruption claim. The complaint was filed at the District Court of Harris County, Texas, 113th Judicial District on December 5, 2005 and transferred to the U. S. District Court for the Southern District of Texas on April 7, 2006 following an application by XL.

Bermuda P&I Club sues members

A Bermuda-based protection and indemnity club is suing some of its members for allegedly failing to pay premium calls. Details are contained in a civil lawsuit filed by The Steamship Mutual Underwriting Association (Bermuda) Ltd. at the U. S. District Court for the Southern District of New York on November 16, 2005.

Bermuda firms sued over business interruption coverage

Two Bermuda companies are among several insurers being sued for allegedly refusing to pay a business interruption claim concerning a mine fire in Pennsylvania. Allied World Assurance Company Ltd. and XL Insurance (Bermuda) Ltd. are defendants alongside Berkshire Hathaway Inc., incorporated in Delaware and based in Stamford, Connecticut; National Fire & Marine Insurance Company, incorporated and based in Nebraska; Commonwealth Insurance Company, of Vancouver, Canada; International Mining Industry Underwriters Ltd., of London, England; International Insurance Company of Hannover Limited, of Surrey, England; Lloyd's of London, Hiscox Syndicate Limited, Ascot Underwriters Limited, and R. J. Kiln & Co. Limited, all c/o Mendes & Mount, New York.

Lawsuit filed against Shrewsbury Underwriting Capital

Shrewsbury Underwriting Capital (Bermuda) Limited has been named as a defendant in civil complaint filed by HSBC USA Inc., f.k.a. Republic New York Corporation, and Republic New York Securities Corporation at the U. S. District Court for the Southern District

AT&T sues XL Insurance over 9/11 coverage

AT&T Corp. has filed a civil complaint against 15 insurers, including XL Insurance (Bermuda) Ltd., over allegedly unpaid property damage and business interruption claims concerning 9/11. The telecommunications giant, which is registered in New York but based in New Jersey,  is seeking an award of not less than $139 million in an action filed at New Jersey Superior Court on June 11, 2004.

UK seeks evidence in Florida for trial of suspected investment fraudsters

Article based on an application for the appointment of a Commissioner to collect evidence for a criminal investigation into alleged investment fraud - pursuant to a request for judicial assistance from the UK - that was filed at federal court in the USA on March 17, 2004. Individuals and businesses mentioned in the request for assistance include Anthony David Rich, Michael Thomas Rich, Victor Le Chenal, Nigel Sandor Allan, Michael Clark, Alan Butt, E&I International Ltd., First National Bank of Florida, Captain Steven Gunning, Seth Braiman, Global 2 You, Nick Sturghill, Sturghill Films Productions, Lloyds of London, Onno Petersen, TPP,  Quarterhorse Films Inc., and Triple A Finance.

ACE announces Lloyd’s of London capacity cutback

ACE Ltd. announced on December 4 that it is to cut its underwriting at the Lloyd's of London insurance market by more than a third next year.ACE, which is one of the largest investors at Lloyd's, will cut its capacity to approximately $1 billion (£650 million) in 2003 from about $1.4 billion this year.

ACE considers slashing Lloyd’s of London capacity

Bermuda-based ACE is considering reducing the capacity of its Lloyd's Syndicate by 27.5 per cent for the 2003 underwriting year, according to a report in The Insurance Insider newsletter, of London.ACE has drawn up a provisional business plan to reduce the capacity of Syndicate 2488 from GBP900 million (US$1.4 billion) to GBP652 million (US$1 billion) for the underwriting year 2003.

Meridian Investment Bank has license revoked in Grenada

Meridian Investment Bank, whose principals include a plumber and an officer with the Canadian Space Agency, has become the latest bank in Grenada to have its license revoked amid allegations of fraud.MIB's banking license was revoked effective September 4, 2001

Lloyd’s of London to investigate Stirling Cooke

Lloyd's Regulatory Board, the body that regulates the Lloyd's of London market, is soon to begin an investigation into Bermuda-based Stirling Cooke Brown Holdings that, in the worst scenario, could lead to the company's Lloyd's broking licence being suspended or even revoked.