WILMINGTON, Delaware (Bloomberg) - British American Insurance Co., a Nassau, Bahamas-based insurance and financial services company, filed for bankruptcy in the US.

The company listed debt of $500 million to $1 billion and assets of more than $100 million in Chapter 15 documents filed yesterday in US Bankruptcy Court in West Palm Beach, Florida.

Chapter 15 protects foreign companies from US lawsuits and creditor claims while a company reorganises abroad.

The petition was filed on behalf of Brian Glasgow, as judicial manager of British American Insurance. Mr. Glasgow was appointed by the Eastern Caribbean Supreme Court in the High Court of Justice of Saint Vincent and the Grenadines.