Powerscourt Group

Fronting insurer sues over Platinum Indemnity rent-a-captive program

May 31, 2004

The Rehabilitator of a United States based insurer has filed a multi million dollar complaint against a food service firm whose rent a captive program it fronted into Bermuda based Platinum Indemnity.Plaintiff is Gregory V. Serio, New York State's Superintendent

PartnerRe dragged into weather-related insurance dispute

September 30, 2002

PartnerRe's United States based operation has been dragged into litigation over who is responsible for paying $29 million of losses relating to weather derivative contracts covering 'special events'. PartnerRe was named as a third party defendant in a complaint filed

Stockholm Re creditors to receive 30 cents on the dollar

August 31, 2001

Creditors of Stockholm Re (Bermuda) Ltd., which went into liquidation in January, 1995, are likely to receive just 30 cents on the dollar when all is said and done. A spokesman for liquidator Deloitte & Touche in London said that a dividend of 20 cents on the dollar was paid to creditors at the end of May, 2001, with a second dividend due to follow later this year.

Platinum Indemnity faces financial collapse, moves to segregate assets

October 31, 2000

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.