NEW YORK, April 22, 2024 (GLOBE NEWSWIRE) -- Today a private investment group announced legal filings against Lighthouse Insurance CEO Patrick White, his father Lawrence White, the Lighthouse Family Trust, Lawrence E. White Family Foundation, and insurance brokerage TigerRisk (a portfolio company of General Atlantic now doing business as Howden Re) in New York Supreme Court and Florida’s Ninth Judicial Circuit Court. Filed on behalf of an investment group including HT Investments and its advisor Fortinbras Enterprises, the suit states that the defendants willfully defrauded the plaintiffs out of $65 million.
This filing follows a prior complaint filed by the plaintiffs, focused on the White Family’s insider relationship and close financial ties with One Florida Bank, which received $19 million of the $65 million investment.
The two lawsuits announced today state that Patrick and Lawrence White worked with TigerRisk to defraud the investment group out of $65 million in December 2021, by materially misrepresenting and obscuring facts about Lighthouse’s dire financial problems, including that Lighthouse had been placed into conservatorship by the Louisiana Department of Insurance and its mounting losses from Hurricane Ida.
As Lighthouse’s reinsurance broker and longtime partner to the White Family, TigerRisk had special knowledge of and access to information about Lighthouse’s financial problems, regulatory issues, and the involvement of Lawrence White in Lighthouse operations. Patrick White and TigerRisk were obligated to disclose these facts, but deliberately omitted them.
The White Family, White Family Trusts, and TigerRisk all financially benefited from the $65 million. Lighthouse’s subsequent liquidation led to thousands of homeowners in Florida and Louisiana losing their insurance coverage in Spring 2023.
In January 2023, TigerRisk Partners LLC and its affiliates were acquired by and became subsidiaries of Howden Group Ltd., a portfolio company of General Atlantic.
Fortinbras Enterprises LP et al v. Patrick White et al, Case No. 2024-CA-003337-O (Fla. Cir. Ct.)
Fortinbras Enterprises LP et al v. TigerRisk Partners LLC et al, Index No. 651983/2024 (N.Y. Sup. Ct.)
About Fortinbras Enterprises
Fortinbras Enterprises is an investment firm focused on credit.
