A £50m claim has been lodged against Cable & Wireless after its insurance subsidiary Pender refused to pay out on policies.
According to reports, a claim has been lodged by Bermuda telecoms firm Australia-Japan Cable against Pender for failing to pay out on a project to lay a cable between Japan and Australia.
Pender was a captive based in the Isle of Man, set up in 1990 and started to write policies for third parties in 1997.
