Professional Services Insurance Company Ltd.

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    Andersen chaos causes delay in $10 million payments

    The Arthur Andersen group is in such structural chaos that a Bermuda-based mutual insurer for accounting firms has more than $10 million to pay out but does not know where to send it.Professional Asset Indemnity Ltd., of Bermuda, and its wholly-owned subsidiary, PAIL Vermont Insurance Company, of Vermont, is so confused that it has taken the matter to court.

    Arizona AG demands documents on Arthur Andersen’s Bermuda captive

    Arthur Andersen has caused outrage in Arizona by backing out of a $217 million fraud settlement, apparently because its Bermuda-registered captive was unwilling or unable to cover the loss.The accounting firm then compounded its critics by failing to fully comply with a subpoena duces tecum issued by the Arizona Attorney General on April 2.The subpoena required the production - within 48 hours - of documents showing the financial condition of the Arthur Andersen group and Professional Services Insurance Company Ltd., of Bermuda.

    Arthur Andersen’s Bermuda captives face uncertain future

    Two Bermuda-based captives that are either wholly or partly owned by Arthur Andersen face an uncertain future following the collapse of Enron Corp. in the United States. They are Professional Services Insurance Company Ltd., which is owned by Andersen firms in 32 countries, and Professional Asset Indemnity Ltd., which is owned by the Big Five accounting firms.