- 4 -
received by FRS had a fair market value that was approximately
equal to the fair market value of the Services Group stock
surrendered by FRS.
Hanseatic was incorporated in Bermuda on April 10, 1974. As
of April 10, 1974, Hanseatic was equally owned by Seattle
Stevedore Co. (a predecessor of Services Group) and Marukyo
Company, Ltd. (Marukyo). On June 30, 1978, Seattle Stevedore Co.
purchased all of Marukyo's interest in Hanseatic.
From 1975 through December 31, 1984, Services Group's
stevedoring affiliates contracted with Martin Re-Insurance
Company and its successor Manhattan Re-Insurance Company (Martin
will be used to refer to Martin and/or Manhattan where
appropriate) concerning their LHW Act risks. The LHW Act risks
encompass an employer's liability, under the LHW Act, to pay
workers' compensation benefits (including medical, income
replacement, death and survivors, and employee rehabilitation
benefits) in respect of injured employees covered by the LHW Act
(generally stevedores and longshoremen). Martin then contracted
with Hanseatic to pass on 100 percent of the risks. Martin was a
licensed U.S. insurance company that was unrelated to Services
Group.
From 1974 into 1984, Hanseatic entered into various other
insurance and reinsurance contracts with related and unrelated
companies with respect to risks of Services Group's stevedoring
affiliates. Hanseatic ceased accepting new risks of Services
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011