• 441.293.5970

  • Capital Investment Company (Bermuda) Ltd.
  • Bermuda
  • Barbados

EXPERIENCE

A) The Moorings Insurance Company Ltd. (TMIC) 1993-1998
Formed in July 1993, TMIC served as a reinsurer of Workers’ Compensation risks initially in Massachusetts and Rhode Island for $3m-$4m of risks already in the state pools.

  1. 1993/94 – Responsible for negotiations of fronting contract with National Union and excess of loss reinsurance with Sphere Drake. Prepared and submitted business plan to Insurers Admissions Committee in Bermuda with initial capital of $1,200,000; program wrote $7m.
  2. 1994/95 – Responsible for renewal negotiations with National Union and finite reinsurer (AIG company); program wrote $13m.
  3. 1995/96 – Moved issuing carrier to TIG and Credit General Insurance Company (CGIC) finite reinsurance placed with Scandinavian Re; program wrote $18m.
  4. 1996/97 – Issuing Carrier changed to Reliance National Insurance Company (RNIC) and CGIC, finite reinsurance with Scandinavian Re: program wrote $22m.
  5. 1997/98
    1. 05/98 Principal of TMIC indicted in Federal Tax Evasion;
    2. 07/98 Invoked arbitration with TIG and obtained TRO in attempted LOC draw down by TIG;
    3. 09/98 TMIC placed in provisional liquidation by Registrar of Companies – KPMG Bermuda temporary liquidator;
    4. 10/98 TIG Arbitration completed;
    5. 12/98 CBS appointed broker of record for novation of business from TMIC;
    6. 3/99 Tri-party novations completed by TMIC/Scandinavian Re and AIG, CGIC, RNIC and TIG;
    7. 6/99 TMIC Liquidated.

B) Credit General Insurance Company (CGIC) offshore companies1994-2003
CGIC was an Ohio-based writer of Workers’ Compensation program business owned by a Delaware holding company, PRS Insurance Group, Inc. (PRSIGI)
Responsible for the preparation of the business plans and their submission to the Barbados Ministry of Finance for formation of:

  1. Phoenix Guaranty Insurance Limited (PGIL) - Rent-A-Captive Company in December 1994; 100 percent owned by PRSIGI;
  2. Brookwell Insurance Co. Ltd. (BICL) – A joint venture between PRSIGI and Managing General Agent to reinsure contractor business; May 1995;
  3. Enterprise Group Insurance Company Ltd. (EGIC) – 953 (d) 100 percent owned by PRSIGI December 1995;

All companies managed from Bermuda with audits completed by KPMG Bermuda. Responsible for insurance management of BICL, EGIC and PGIL including audit completion, reinsurance wordings, cash management, program renewals, program reporting. In 1998, CGIC obtained an A- rating from A.M. Best.
At December 31, 1999 the corporate profiles of the offshore companies were:

  1. PGIL – 12 rent-a-captive programs combined GWPI of $42m;
  2. EGIC - $45m in GWPI from 24 programs;
  3. BICL – GWPI of $15m from WC, GL and Surety programs;

In June 2000, the Chairman of PRSIGI steps down and CGIC placed in Confidential Supervision by the Ohio Department of Insurance (ODI).

October 2000, CGIC placed in Rehabilitation and then placed in Liquidation in January 2001.
July 2001, Captech Management Services (Barbados) Ltd. (CMSB) appointed by Chapter 11 Trustee as insurance manager to run-off business.

2001 to present:

  1. Completed source and application of funds analysis for all offshore companies of all cash transactions by issuing carrier by offshore company into Cayman investment fundt o enable recovery of $1.6m;
  2. Responsible for financial analysis of $10.6m reinsurance recoveries with $4.7m collected to date from external reinsurers;
  3. Resolution of $24.7m in Reinsurance Trust Accounts under fronting arrangements with CGIC, RNIC and TIG;
  4. Provided financial analysis for Proof of Claim Settlements with CGIC, RNIC and TIG.

C) Captech Reinsurance Company Ltd. (CRC)
Formed in 1998, CRC, a sister company to CIC, is a Bermuda-domiciled Segregated Account Company providing rent-a-captive services for both program formation and program dissolution, which has three (3) current programs fronted by Swiss Re and St. Paul – Total GWPI $30m.

 

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