Title : Southport Lane Management Insurance Empire Collapse
link : Southport Lane Management Insurance Empire Collapse
Southport Lane Management Insurance Empire Collapse
Southport Lane Management boast 2 insurance carriers, 2 offshore reinsurers, some buildings and other insurers’ investments however this empire was built on questionable assets and is now being dismantled. This event has raised some questions about state regulators which failed to detect potential problems of the company and the flow of new money into the insurance business.
Alexander Chatfield is a young private-equity investor in his mid-20s, state regulators approved his request to purchase two insurance companies in 2013 even though he had limited industry experience. Then after a few months regulators seized both companies because of concerns about the companies finances, exposing the flaws in how states screen prospective buyers.
Chatfield, 28 founded the private equity firm Southport Lane Management LLC in 2010, and he bought insurance carriers including workers’ compensation writer Dallas National in Texas and personal lines writer Imperial Fire & Casualty in Louisiana. Southport transferred Dallas National to Delaware and renamed Freestone, it is currently in the process of liquidation in Delaware while Imperial was seized and sold by Louisiana regulators.
His company also bought Redwood Reinsurance which is based in Cayman Islands reinsurer. Last April it reported it was selling its reinsurance business, Southport Re, to Lennox Investments.
It is alleged that Burns switched millions in stocks and bonds from the companies into a personal account and replaced those investments with non-publicly traded or valueless assets, worthless, and in some cases non-existent which include a Caravaggio painting of uncertain authenticity.
It was reported that Mr. Burns checked into a mental-health ward at New York’s Bellevue Hospital a year ago he also resigned from Southport Lane.
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