Utah Insurance

New York-EXEL Ltd directly in the USA insurance market to purchase for about $ 10 million folk America General Insurance Co., a company Shell in possession of the folk America Reinsurance Co. in New York.

Terms of folk America does not write any business, but it is also licensed as an insurer in 20 countries and as a reinsurer in 11 countries. It has assets of $ 7.3 million.

EXEL business plans of the company, the call to the USA directly on the insurance market. Insurers license Bermuda, EXEL is not permitted, advertising the USA.

This acquisition allows EXEL to improve market access in the medium and financial directors in with the sale of its new generation of financial products, currencies as insurance coverage, “said Gavin Arton, Senior VP-Investor Relations at Exel .

EXEL may also purchase and a surplus of surplus lines insurers in the USA.

The purchase by General of America by Folk EXEL is the September purchase of West Chester Specialty Group Inc. by the Bermuda-based ACE Ltd., a stage, ACE had a leg to the USA (BI, Sept. 22, 1997).

Bramson pleads guilty

NEWARK, NJ insurance fraudsters Bramson Martin pleaded guilty to money laundering charges in connection with the operation of fraudulent favorite Indemnity Insurance Co. of Old Bridge, NJ

Extradition to the USA in July, after several years as a refugee, M. Bramson admitted last week attempted to transfer $ 348000 from the USA into an account he controls in Switzerland. The accusation was part of a 29-count 1991 indictment has raised himself and several others, including his brother, Leonard, who earns secretly preferred to control damage and another with insurance companies and Trans - Pacific Insurance Co. (FSM) of Micronesia cheat Constatée medical liability and insurance.

Mr. Bramson must be condemned Jan 26, and faces a statutory maximum of 20 years in prison. In the sentencing guidelines of the Confederation, but its actual rate is probably full of 63 to 108 months, according to a federal judge, decisions on the application of the guidelines, Assistant U.S. Attorney said Timothy J. McInnis.

Mr. Bramson always separate charges of Confederation in Baltimore has thrown the operation of a series of purchase offshore companies, including Trans-Pacific, International Insurance Co. Bahamas, Professional Risk Insurers Exclusive Co. and risk management insurance Casualty Insurance Brokerage Co.

He escaped house arrest in the years 1991 and was a refugee by 1995, when he was arrested while trying, Liechtenstein, to $ 4.8 million in Swiss currency and gold (BI, Jan 30, 1995).

Leonard Bramson pleaded guilty to charges in Newark and Baltimore and 118 is equipped one-month sentence.

Announcing a loss of over Oxford

Norwalk, Conn.-Oxford Health Plans Inc., has lost nearly two thirds of its value on October 27 and carried out a decline in stocks of the HMO industry, announced a poor third quarter performance, while had predicted.

The company said last week it would be a third quarter net loss of $ 78.2 million or 99 cents per share. It is a loss of $ 13 million higher than Oxford for a week earlier.

The net loss for the first nine months of the year was $ 6.6 million, compared with net earnings of $ 67.6 million for the first nine months of 1996.

The company, its debt mostly dreary price of $ 42.2 million in adjustments, as a result of the depreciation of receivables overdue billing and termination of non-payment of bills, the result of computer problems (BI , November 3).

In addition, last week, Andrew B. Cassidy, Chief Financial Officer of Oxford, has announced his intention to resign. Oxford said in a statement that Mr. Cassidy would remain until a new CFO is found. His departure would be the first release of a full range of high quality at Oxford Executive since the camp sell-off.

The company announced Thursday that he had rented as Kevin F. Hickey, executive vp emphasis on operations. Previously, Mr. Hickey President of Health Plans of America and vice president of operations Aetna Managed Health Plan.