Scandinavian Re accuses arbitrators of misconduct after losing $290 m decision
February 24, 2010
Scandinavian Re has accused two arbitrators of bias and "lying" or "misleading" after they ruled against the Bermuda-based finite risk reinsurer in a $290 million dispute with The St. Paul Companies.
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Saudi agency sues Aetna (Bermuda) for ‘illegally hiking premiums by 82% mid-policy’
February 24, 2010
Aetna group companies in Bermuda and the United States are being sued by an educational arm of the Saudi Arabian government for allegedly hiking health insurance premiums by 82% in mid-policy.
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Class action filed against CRM Holdings by shareholders, Manipulation of Yahoo! Stock message board led to CEO leaving, it is claimed
February 24, 2010
A shareholders' class action complaint alleging securities fraud has been filed against Bermuda-based workers' compensation provider CRM Holdings Ltd. and four of its current or former officers and directors.
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AEGIS in $40 m dispute with Norwegian/Japanese construction group
February 24, 2010
Bermuda-based Associated Electric & Gas Insurance Services Ltd. is one of six insurers who are involved in a $40 million policy dispute with a global construction and engineering group.
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NY building owner’s $6 m mistake: Reduced coverage 15 days before collapse, says insurer
February 24, 2010
In what appears to be a case of bad timing, the owner of an empty five-story building in the Tribeca neighborhood of Manhattan switched to a cheaper insurance policy in order to save on premiums just 15 days before the structure partially collapsed, it has been claimed.
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Stocks Round-Up: Healthy results drive insurers up, domestic stocks fall
February 24, 2010
The share prices of Aspen Insurance, AXIS Capital and Max Capital Group all began surging in early February immediately after they announced healthy fourth-quarter profits, $126 million, or $1.40 per diluted share, for Aspen, $282 million, or $1.87 per diluted share, for AXIS, and $62 million, or $1.08 per diluted share, for Max Capital. Their combined ratios were 84.7% for Aspen, 77.5% for AXIS and 99.6% for Max Capital.
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Insurance workers in dispute with former employers
February 24, 2010
Two civil lawsuits involving insurance companies and former employees were filed recently at Bermuda Supreme Court.
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Letter from Bermuda: As winter storms lash Bermuda, The ‘Black vs. White’ struggle continues
February 24, 2010
There are no hurricanes at this time of the year. Instead, we have winter storms. Recently, the Island has been receiving a ferocious battering from wind and waves. So many flights to and from the United States were cancelled that the Island's tourist trade (already at and all time low) all but dried up. Bermudian taxi drivers, never the most cheerful of souls, were exceptionally morose as their principal source of income dwindled still further.
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Bermuda Supreme Court
February 24, 2010
Recently-Filed Business-Related Civil Lawsuits at Bermuda Supreme Court.
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