Barbados insurance company under investigation: Gerova Financial

Brought to you by the same authority who made the Clico collapse possible: Barbados Supervisor of Insurance, Carlos Belgrave

What? Not another scandal involving a Barbados based insurance company? No way!

Although we have few rules for Barbados based insurance companies, we do have a $2,500 voluntary fine for multi-million dollar frauds by insurance companies. Our Supervisor of Insurance, Carlos Belgrave (in cartoon above), is the winner of an international award, so I don’t see what could be the problem.

Prior to being appointed to his regulatory position, (Barbados Supervisor of Insurance) Carlos Belgrave was the General Manager of a local company that manufactures “flour, animal and poultry feeds”

… from OffshoreAlert’s 2006 “Worst Regulator” Award

IMF Says Barbados Insurance Sector Needs “Tighter Regulation” – No Kidding!

What’s the fuss? Just don’t mention names like CLICO, Manulife, British America or a few others and there’s no problem at all.

Except that now the Gerova Financial Corporation is under investigation and most of the board resigned. Ho hum, just another day in the world of offshore finance in Barbados where the rules are a tad different from what some folks might think they are.

It makes one wonder if Barbados ever gets hit with lawsuits for failing to properly regulate the offshore sector. I’ll bet most of those settle pretty damned quickly and quietly. We never hear about them, but I’d wager we Bajans pay up much more than we know…

Statman, Harris & Eyrich, LLC Announces Investigation on Behalf of Investors of Gerova Financial Group

Gerova Financial Group Ltd

CINCINNATI, Feb 28, 2011 (GlobeNewswire)

The law firm of Statman, Harris & Eyrich, LLC, which has significant experience in class actions, announced today that it is investigating Gerova Financial Corp. (“Gerova” or the “Company”) (NYSE:GFC) for potential violations of state and federal law. Gerova operates as a property and casualty insurance and reinsurance company in Barbados, focusing primarily on life and annuity reinsurance.

Arthur’s BLP in Crisis – Chaos as Mottley faction bows out

“Walking away from BLP…”

UPDATED: September 20, 2011

Dear Barbados Free Press,

I’m walking away from the BLP because I am disgusted with how the party is treating Mia Mottley. I’m not going to the DLP, I’m not going anywhere. I’m going to sit out the next election. When they call I’m busy and I will be missed because I’ve worked every campaign since 1988.

Walking Woman

(The above was originally left as a comment on this post – which we will pin to the top for a few days. Scroll down for newer items.)

Original post…

Press excluded & empty chairs at some recent BLP meetings

If an election is called tomorrow, the Barbados Labour Party would be firing on about half cylinders because a huge portion of its membership, and many women, will not take a part in any election activities while Owen Arthur and his “gang” are still at the helm. Party insiders tell BFP that there is a desire by many to take revenge over last October’s coup by former Prime Minister Owen Arthur that saw then BLP leader Mia Mottley summarily ejected.

“Let Owen get beaten to a pulp in the next election, then Mia can return to rescue the party,” said one long time BLP voter who was not a particular Mottley supporter prior to her ouster.

It seems that the way in which Mottley was cast aside has increased her support.

Oh very yes – revenge is a plate best served cold. Mia might take a long time to prepare the meal, but it will be served upon Owen’s table.

Give me money, that’s what I want…

Internal party politics is not the only thing holding back the BLP: the party is desperately short of funds to the extent that some insiders are quietly talking about asking Mr. Arthur to personally fund a portion of the upcoming election campaign. For some reason folks think Mr. Arthur is capable of “giving back” to the party as one source told this blogger. A recent attempt by Owen Arthur to blame Mia Mottley for the shortage of funds fell flat with many pointing the finger at Arthur for failing to put reserves in place during the fat years. (The phrase “spending like a drunken sailor” comes to mind.)