ED Magedson – Founder
River Reinsurance Limited and Paolo BenevidesSeaton House Hastings, Select State/Province Barbados
River Reinsurance Limited and Paolo Benevides Scam Insurance Company Alert Hastings Internet
In January 2013, I purchased an insurance contract from River Reinsurance to protect myself from default on a bond trading investment made through a third party company. The bond contract was to protect my initial investment of $100,000, and was payable immediately in the event that the bond trading company failed to make any scheduled payments on my bond contract.
I paid a $5000 premium for this insurance through the company's local agent in Florida, Jeffrey Feldman.
Three months later, the bond company defaulted. I waited several more months and then when the default was not rectified, I submitted a claim to the President and owner of River Reinsurance, Paolo Benevides. Mr. Benevides received my claim and after months of communication, ultimately failed to either 1) give me a decision on the claim, 2) pay the claim, 3) adequately investigate the claim or 4) even return my premium.
In effect, they simply STOLE my $5000 and refused to do their job. I never received any letter of denial or acceptance of my claim, although my claim was 100% valid under the insurance contract that I had with them.
Anyone dealing with these con artists should be aware that premiums given to them will buy you absolutely nothing, as they are criminals of the worst sort.
This report was posted on Ripoff Report on 07/01/2014 07:57 AM and is a permanent record located here: http://www.ripoffreport.com/reports/river-reinsurance-limited-and-paolo-benevides/hastings-select-stateprovince/river-reinsurance-limited-and-paolo-benevides-scam-insurance-company-alert-hastings-inter-1158706. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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