ACE sued for $133 m in Cayman over unpaid claims arising from Liberian civil war, only allowed to re-domicile to Switzerland after giving undertaking to court
September 9, 2008
ACE Ltd. is being sued for US$133 million at the Grand Court of the Cayman Islands by the Receiver of the Liberian operations of CIGNA Worldwide Insurance Company.
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Max Bermuda sued for unpaid claims arising from flooding at oil refinery
September 9, 2008
Max Bermuda Ltd. and a US subsidiary of Bermuda-based Arch Capital Group are among several insurers being sued for in excess of $60 million by the owners and operators of an oil refinery in Kansas that was damaged by flooding.
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XL Capital Assurance faces potential $331 pay-out after collapse of IndyMac Bank
September 9, 2008
A subsidiary of Bermuda-domiciled Syncora Holdings Ltd., formerly Security Capital Assurance Ltd., is on the hook for $331 million regarding a financial guaranty policy issued to the recently-collapsed IndyMac Bank.
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Artex Risk Solutions seeks $1.4 m against Florida employment agency
September 9, 2008
A Bermuda-based insurer is insurer is seeking damages of $1.4 million against a Miami-based employment agency for alleged breach of contract.
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Stocks Round-Up: Assured Guaranty rebounds from Moody’s warning
September 9, 2008
Bermuda-based bond insurer Assured Guaranty regained in August most of the stock market value that it lost in one day on July 22, when its share had plummeted by 40% – from $18.75 to $11.32 per share – after Moody's Investors Service had announced it may downgrade the company's Aaa rating because of the complexity of its credit risks and a drop in demand for the guarantees sold by the bond insurance industry.
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SEC and LOM seek evidence from dozens of people in Bermuda, Canada and UK
September 9, 2008
Forty-seven individuals and companies in Bermuda, Canada, and the United Kingdom are being asked to provide evidence for a securities fraud civil action brought by the U. S. Securities and Exchange Commission against the Bermuda, Bahamas and Cayman operations of Lines Overseas Management, the group's President, Scott Lines, and its former President, Brian Lines.
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Letter from Bermuda
September 9, 2008
Searching for solutions in an increasingly violent society.
Bermuda Supreme Court
September 9, 2008
Recently-Filed Business-Related Civil Lawsuits at Bermuda Supreme Court.
SEC v. James Stanard
September 9, 2008
Former RenaissanceRe Chairman and CEO James Stanard has filed a motion to exclude the testimony of another ex-RenRe officer, Michael Cash, from his upcoming trial at federal court in New York, where he is defending a civil complaint alleging securities fraud that was brought by the U. S. Securities and Exchange Commission.
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