Complaint in North Carolina Mutual Life Insurance Company v. Stamford Brook Capital LLC, Forefront Capital Holdings LLC, Forefront Capital LLC, Port Royal Reassurance Company SPC Ltd., of the Cayman Islands; Summit Trust Company, Bradley Reifler, and Michael Flatley at the U. S. District Court for the Middle District of North Carolina.
Retail giant Sears, Roebuck and Co. and related companies have filed a complaint in Atlanta in which they are seeking hundreds of millions of damages against insurers in Bermuda and elsewhere concerning an alleged bid rigging scheme involving brokers Marsh
United States-based retail giant Sears is suing insurers in Bermuda and elsewhere for allegedly frustrating the processing and payment of “enormous” claims stemming from Hurricane Katrina in 2005. Sears Holdings Corporation, a Delaware corporation based in Hoffman Estates, Illinois, filed a civil complaint at the Circuit Court of Harrison County, Mississippi Second Judicial Court on August 25, 2006, with the case being transferred to the U. S. District Court for the Southern District of Mississippi on December 18, 2006.
The share price of Max Re Capital Ltd. has been largely unaffected by the resignation of the company's Chairman and CEO, Robert Cooney, and negative news about an internal investigation into possible accounting irregularities. In the first day of trading
Property catastrophe reinsurer PXRE Group was the worst of the bunch as 15 Bermuda-based, publicly-listed insurers reported their - mostly horrendous - fourth quarter results to the SEC during February. Two-thirds of the firms reported net losses, while only two actually managed to make an underwriting profit, as opposed to relying on investment returns to compensate for a lack of underwriting success. Just about the only thing that many firms were successful at towards the end of 2005 was tapping into the seemingly endless supply of capital available to the industry.
Fidelity - the largest mutual fund group in the United States - has maintained its position as the largest single investor group in the Bermuda insurance market.Fidelity owns at least five per cent of common shares in eight of the 14 Bermuda-based, publicly-listed insurers whose ownerships were reviewed by InsideBermuda. That is three more major investments than another Boston, Massachusetts-based fund group, Wellington Management, which was revealed as the second biggest ownership group in our review. Collectively, Fidelity's stakes have a market value of more than $2.7 billion, with Wellington just behind at $2.5 billion.
In the same month it warned the market that it would report a loss for the third quarter, Max Re announced a change in its business strategy."In response to market conditions", stated Max Re, the firm "now plans to write
Max Re Capital reported net income of $10.1 million or 26 cents per share for the quarter ended December 31, 2001, compared with $3.8 million or 14 cents per share for the corresponding period of 2000.