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InsideBermuda

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Important news about Bermuda's business sector and its participants, with a focus on Bermuda's insurance and reinsurance industries.

 

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A community forum to exchange information relevant to financial due diligence with your peers.

 

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BERMUDA INSURANCE, FINANCE, & POLITICS

 

New York AG and Workers Comp Fund target CRM Holdings

January 1, 2010

Bermuda-based workers' comp insurance provider CRM Holdings is facing potential liabilities totaling more than $400 million as a result of a civil complaint and a separate enforcement action in New York.

Full story >>

 

Bermuda entities seek to rescind $550 m bond offering by Goldman Sachs

January 1, 2010

Several Bermuda entities, including mutual funds, trusts and reinsurer Ariel Re, are among parties suing Goldman Sachs and UBS Securities in an attempt to rescind a $550 million bond offering.

Full story >>

 

Aspen Insurance seeks to avoid paying Madoff-related legal defense costs

January 1, 2010

Aspen Insurance UK Ltd. and three Lloyd's of London underwriters are seeking a declaratory judgment at federal court in Denver to avoid paying out up to $25 million in defense legal costs relating to Bernard Madoff's fraudulent investment scheme.

Full story >>

 

Class action filed against Steamship Mutual by victims of oil refinery blast

January 1, 2010

A Bermuda-based protection and indemnity club has been named as a defendant in a class action lawsuit brought on behalf of "all residents" of San Juan, Puerto Rico and surrounding areas who suffered damages from a massive blast at an oil storage and refinery facility.

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Healthcare-products firm seeks to enforce $25 m policies against Aspen & Lloyd’s

January 1, 2010

A U. S. manufacturer of personal care and healthcare-related products is suing Aspen Insurance UK Limited and Aspen Underwriting Syndicate 4711 in an attempt to enforce $25 million of coverage.

Full story >>

 

Stocks Round-Up: Strong end to the year for most local insurance stocks

January 1, 2010

During a period in which it received net proceeds of $574 million from a stock offering, Assured Guaranty was the best-performing Bermuda insurance stock  in the two months from October 30 to December 31, 2009, increasing by 31% to close the year at $21.76—which was 4% higher than the early-December offering price of $20.90 per share.

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US firms sue AXIS Re in attempt to enforce $5 m policy

January 1, 2010

AXIS Reinsurance Company is being sued in an attempt to force it to pay out claims of up to $5 million to cover legal defense costs incurred by insureds accused of defrauding investors in a mare-leasing program.

Full story >>

 

Class action filed against Enterprise-Rent-A-Car’s Bermuda captive

January 1, 2010

Following a fatal car accident, a class action lawsuit has been brought against the Bermuda-based captive of U. S.-based Enterprise Rent-A-Car Company and related parties.

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Bermuda Supreme Court

January 1, 2010

Recently-Filed Business-Related Civil Lawsuits at Bermuda Supreme Court.

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Monday, February 08, 2010 EST

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Notable References In The Media

05.05Details Emerge on Obscure Barbados Reinsurer Tied to AIG

The Wall Street Journal

 

11.04 Covering Globalization: A Handbook for Reporters Columbia University Press

 

06.04Fool Me Twice: Some suckers never get an even break. Yearning to recoup their losses, they get taken again by the same scamsters Forbes Magazine

 

03.04Crime School: Money Laundering: True Crime Meets The World Of Business And Finance

Book by Chris Mathers

 

09.03Money Laundering Backgrounder for JournalistsColumbia University Journalism Training Program