FORMER TEALE ASSOCIATE ARRESTED

ANTWERP, Belgium-Paul Yorke-Wade, a former associate of insurance swindler Alan Teale, has been arrested in connection with a Belgian police investigation of the fraudulent Dai Ichi Kyoto Reinsurance Co. S.A.

Mr. Yorke-Wade was arrested in the United Kingdom on an international warrant issued by the Belgian Judicial Police and is being held pending extradition, a source familiar with the investigation confirmed.

In April, Belgian police also arrested Michael A. Reeve, chairman of CRM Insurance Services Ltd., Dai Ichi Kyoto's London-based management company. Mr. Reeve still is being held in an Antwerp jail. CRM recently filed for voluntary liquidation.

Mr. Yorke-Wade reportedly was hired to help manage Dai Ichi Kyoto before the Belgian reinsurer collapsed in late 1995, owing millions of dollars to U.S. and U.K. insurers and brokers.

The company has since become the focus of criminal investigations in Belgium, the United Kingdom and the United States (BI, April 21).

Previously, Mr. Yorke-Wade helped to manage Azteca Insurances S.A., a purported Uruguayan insurer that was hit with cease and desist orders in the United States after it claimed to be exempt from state regulation under the North American Free Trade Agreement (BI, Jan. 2, 1995).

He also was formerly president of the defunct Victoria Insurance Co. of Georgia, which the late Mr. Teale helped operate and that later became the focus of a U.S. Senate fraud investigation.