Michael French, the former Chairman and CEO of Bermuda based Scottish Re, has been accused of securities fraud by the U. S. Securities and Exchange Commission. French allegedly helped billionaire brothers Samuel and Charles Wyly to conceal their beneficial ownership
An offshore insurer whose directors include former Chairman of the Cayman Islands Monetary Authority Michael Austin may have been used to help an American family worth billions of dollars break U. S. tax, securities and money laundering laws.The allegations were
First it changed its domicile, from the Cayman Islands to Bermuda, now it had changed its name. Scottish Re Group Ltd. announced on September 2 that its shareholders had approved changing the Company's name to Scottish Re Group Ltd. from
Only one of the six Bermuda based, publicly listed insurers which reported quarterly results in November made a profit. The fact that it was its arch rival, Scottish Annuity & Life Holdings, was salt in the massive wounds currently being
Seven Bermuda insurers reported fourth quarter earnings in February, with Mutual Risk Management, XL Capital and Annuity and Life Re posting losses and ACE, IPC Holdings, PartnerRe and Scottish Annuity reporting profits.
Scottish Annuity & Life Holdings has appointed a former member of the governments of UK Prime Ministers Margaret Thatcher and John Major as a director.Additionally, a deal that will make Pacific Life Insurance Company Scottish Annuity's largest shareholder has now been approved by Scottish Annuity's shareholders and regulators.
Bermuda Insurance Market Results Round-Up: Financial problems continue for ESG Re and Stirling Cooke
The financial woes of John Head's ESG Re and Stirling Cooke Brown Holdings continued in the second quarter ended June 30, 2001, with both companies reporting further losses. Mutual Risk Management, meanwhile, reported a much-needed profit and Annuity & Life Re and Scottish Annuity & Life both made money, as did market giants XL Capital and PartnerRe.
The Cayman Islands suffered a blow when it was announced on April 23 that the only major international commercial reinsurer with a physical presence there was relocating to Bermuda.Scottish Annuity & Life Holdings Ltd. is applying to de domicile both
One decided to incorporate in Bermuda, the other chose the Cayman Islands. Both offer annuity and life insurance products, both opened for business in 1998 and both immediately went public. The similarities end there, though, as Annuity & Life Re, which is based in Bermuda and raised $370 million of start-up capital, and Scottish Annuity & Life Re Holdings, which is based in the Cayman Islands and raised $250 million, have enjoyed contrasting fortunes on NASDAQ since opening for business.