Zurich Insurance Group

Fourteen reinsurers, including four based in Bermuda, has brought a legal action against a New York Stock Exchange listed chemicals manufacturer and its captive insurer in an attempt to avoid paying claims totaling more than $30 million arising from Hurricane

Zurich Financial Services, of Switzerland, has agreed to pay a $25 million penalty, plus $1 million in disgorgement, for participating in an allegedly fraudulent finite risk arrangement involving its Bermuda officer and two Bermuda reinsurers, Inter Ocean Reinsurance Company Ltd.

Reinsurers in Bermuda and elsewhere are seeking to force a Vermont based captive and its NYSE listed parent to arbitrate a dispute involving claims from a fire at a chemical manufacturing plant.A motion to compel arbitration was filed against International

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

Eight Bermuda based companies are among the defendants in a recently civil lawsuit filed recently by clients of broker Marsh & McLennan who claim they were damaged in a bid rigging scam. One of the plaintiffs is also incorporated in Bermuda.

A New Jersey based manufacturer has sued several insurers, including two that are incorporated in Bermuda, in an attempt to enforce a $350 million limit insurance policy.Formosa Plastics Corporation USA claims they have breached the terms of the contract concerning

ZCM Asset Holding Co. (Bermuda) Ltd., which is an affiliate of the Zurich Insurance Group, registered three judgments totaling $5.3 million with the U. S. District Court in Connecticut on September 13, 2004.The judgments were against Sonic Investments Ltd., of

Three bankers who allegedly swindled their former employer, NatWest, in a deal involving Enron and a Cayman Islands registered company appeared in court in England on September 28, 2004 as they seek to avoid extradition to the United States. Gary

Extradition proceedings have been started in California against a Los Angeles based businessmen who allegedly defrauded his former South Korean company of $32 million fraud. Details are contained in an extradition complaint that was filed at the U. S. District

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.

The Zurich Financial Services Group has accused PricewaterhouseCoopers (Bahamas) of failing to pursue claims against several parties who were involved in a failed offshore investment fund.It claims PwC has taken no legal action against the administrator or directors of the

The balance sheet of the Bermuda-based Centre group was strengthened by $474 million during the six months ended June 30, 2003."Reserve strengthening of USD474 million impacted the result at Centre," disclosed Centre's parent, Zurich Financial Services, Europe's third-largest insurer.

Not for the first time, the Centre Solutions/Zurich Insurance Group has been accused of ripping off insolvent insurers not long before they went bust, allegedly enriching itself at the expense of creditors.Several entities and individuals within the group are involved in litigation with the California State Insurance Commissioner.The Commissioner is seeking to void and recover $202 million of allegedly fraudulent transfers and recover damages for losses suffered under the commutation of a reinsurance agreement.

Zurich Financial Services has announced that its subsidiary group of companies, Bermuda-based Centre will no longer write new credit enhancement business."The structured finite risk insurance and reinsurance business of Centre, however, will continue to be a core function of the Zurich Group," stated a press release dated December 4, 2002.