Evan Greenberg

On June 10, 2009, a federal judge in Philadelphia gave final approval to the $1.95 million settlement of a class action complaint alleging bid rigging against ACE Ltd. and three current or former officers that was agreed by the parties

AXIS Capital President and CEO John Charman has increased his lead as the Bermuda insurance executive with the most valuable portfolio of shares in his or her publicly-listed employer. Charman, 55, beneficially owned shares in AXIS Capital that had a market value of $221 million as of July 31, 2008, according to a share-ownership review of insurance executives by InsideBermuda.

Mark Watson, CEO of Argo Group International Holdings Ltd., was the highest-compensated executive officer of any Bermuda-based, publicly-listed insurer in 2007, receiving a package valued at $15 million. Watson was one of one of four executives whose remuneration for the 12 months ended December 31, 2007 totaled at least $10 million, with the others being ACE's Evan Greenberg, AXIS Capital's John Charman, and Everest Re Group's Joseph Taranto, with packages of $14 million, $12.5 million, and $10.2 million, respectively.

The month of March, 2008 may be viewed by history as the beginning of the demise of the Bermuda insurance market. A 60-year growth pattern, the envy of every other country in the world, is now threatened by short-sightedness and greed on the part of the Bermuda Government. Insurance executives are talking openly about "voting with their feet" as the only way of dealing with the Government's rapaciousness. If they leave, Bermuda will be up against it.Two major events marked the month. First, the World Insurance Forum, a Bermuda event since its inauguration in 1994, an event organised by Bermuda people, voted with its feet and was held in Dubai, in a tent. The Forum is a world-beating franchise that allows very senior insurance people to come together every two years to thrash out major issues. It is the insurance equivalent of the World Economic Forum, held in Davos. Attracting people to Bermuda in the spring is not a difficult task, and the Forum apparently attracted up to 750 attendees.

Stock option profits of $9.8 million helped make Anthony Taylor the best compensated officer of a Bermuda-based, publicly-listed insurer in 2004.The Chairman, President and CEO of property and casualty reinsurer Montpelier Re received a total package worth $15.3 million during the 12-month period, propelling him into top spot in InsideBermuda's compensation review, compared with 31st position a year earlier.

Insurance giant AIG has used offshore structures in Barbados and Bermuda to circumvent or violate U. S. state laws regarding reinsurance and to help at least one crooked client evade taxes.In the late 90s, four state insurance departments were aware

Class action law firms in the United States are targeting at least two Bermuda insurers and their officers as a result of Eliot Spitzer's investigation into alleged bid-rigging at broker Marsh & McLennan.At least three separate class actions alleging securities fraud have already been filed against ACE Ltd. and two against AXIS Capital Holdings Ltd. at federal courts in New York and Pennsylvania.