Topic: Beechwood Re

The Grand Court has granted the Cayman Islands Monetary Authority’s petition for the winding-up of Beechwood Re, a reinsurance firm being sued for fraud in the U.S., and with ties to a hedge fund whose former executives are facing civil and criminal fraud charges in the U.S.

A group of related entities, including Cayman-based reinsurer Beechwood Re, and two of its former executives are being sued for illegally obtaining nearly US$100 million of proceeds from the sale of a defunct oil company to keep afloat the allegedly fraudulent U.S. hedge fund Platinum Partners.

Accountants from Deloitte have been appointed by the Cayman Islands Monetary Authority to control the affairs of Beechwood Re, a Cayman-based reinsurance firm being sued for fraud in the U.S., and with ties to a hedge fund whose former executives are facing civil and criminal fraud charges in the U.S.