STORY FROM: Reinsurance & Arbitration

Beechwood Re Officer Responds to Fraud Allegations in Platinum Partners Action

NEW YORK — An officer of Beechwood Re Ltd. accused of mismanaging $320 million of a Pennsylvania insurer’s policyholder reserves by investing them with a troubled hedge fund has invoked his right against self-incrimination under the 5th Amendment.

In a Sept. 24 answer filed in the U.S. District Court for the Southern District of New York, David Levy added that he “lacks knowledge or information sufficient to form a belief as to the truth of the allegations.”

Levy also asserted affirmative defenses of failure to state a claim and failure to plead fraud and scienter with sufficient particularity.

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