Transamerica

Transamerica is seeking $45 million in damages from a subsidiary of Bermuda based Annuity & Life Re (Holdings) Ltd. concerning the novation of Annuity and Life Reassurance Ltd.'s reinsurance contract with fellow Bermuda firm, Scottish Re Group Ltd.In a press

The New York Stock Exchange has suspended the shares of financially-troubled Annuity and Life Re (Holdings) Ltd. pending the completion of action to de-list them.The suspension was announced by NYSE on July 27, 2004 and became effective before the opening of trading on July 30. Annuity & Life has advised the Exchange that it will not challenge the action.

Inside Bermuda recently carried out a question and answer session with Stirling Cooke Brown Holdings about its potential liability as a result of last year's Transamerica arbitration rulings, the departure of long-standing associate Reg Billyard, who was portrayed extremely negatively in both arbitration rulings and a new lawsuit filed against it by AXA Re in relation to Hollywood movies.

The Alan Bird Syndicate's UK attorneys have discussed the possibility of suing the Chubb Insurance Group and Stirling Cooke Brown Holdings in the aftermath of its arbitration loss to Transamerica. Chubb, which previously lost a similar arbitration to Transamerica, is considered to be an attractive target because it has "the deepest pocket", while Stirling Cooke might escape an action because it was "highly probable that the company will eventually fold".

Letter to OffshoreAlert from attorney Michael Dobias, of Davies Arnold Cooper law firm, representing Lloyd's of London Syndicate 103, known as the Alan Bird Syndicate.

Stirling Cooke Brown Holdings has suffered a major setback in an arbitration held recently in London. The arbitration panel decided by three votes to nil to rescind reinsurance contracts for 1993 and 1994 that the San Francisco-based Transamerica insurance/financial services group had with Duncanson & Holt, Chubb Insurance Group and Chubb-subsidiary Federal Insurance Company.