Bermuda-based rent-a-captive Platinum Indemnity Ltd., which is part of the Powerscourt Group, is facing financial collapse after a reinsurer refused to pay weather-related claims. The firm has admitted that it faces “dire circumstances and imminent ruin of its business” in a recent court filing in New York, where it is being sued by Connecticut-based General Star Indemnity Co.
Platinum Indemnity faces financial collapse, moves to segregate assets
24 years ago
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Bermuda Insurance USAKeywords
Customized Worldwide Weather Insurance Agency Inc. General Star Indemnity Co. Platinum Indemnity Ltd. Powerscourt Group Powerscourt Management Limited