Questions have been raised in an industry magazine about the validity of a Nevis-registered reinsurer which claims it is trying to open up in Bermuda.

Certrusia Reinsurance Co Inc. is a new reinsurer which came to light last week when it issued a press release on the Business Wire sating it was trying to enter the US market.

But an investigation by Business Insurance shows contradictions, fudging and outright lies by the company?s management when contacted or in documents received by the well-respected magazine.

One of the company?s claims is that it is trying to open up an office in Bermuda according to a financial statement in their possession, but the investigation reveals that this is not so.

?The financial statement also reports that Certusia ?is currently completing registration and qualification? to operate in Bermuda. Bermuda Government officials, however, say that the company is neither licensed as an insurer nor registered as a corporation in the domicile,? states the article in the November 17 issue of the magazine.

The press release from Certusia Re from November 12 said the company intends to launch a securities and performance bonds programme in the US.

In this release, Certusia claims to be a specialist reinsurance company offering insurance products to cover construction, credit, political, war and financed related risk ?utilising advanced in-house methodology and financial techniques as well as nearly a century of combined international experience outside the United States?.

Business Insurance has raised the questions about the company after obtaining financial statement report from the company that threw up more questions than it answered.