A.M. Best upgrades Chartwell Re sub to A-.STAMFORD, Conn.--(BUSINESS WIRE)--Jan. 9, 1996--Chartwell Re Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CWLR) announced today that its wholly-owned subsidiary, The Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Corporation of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (RECO RECO Real Estate Council of Ontario RECO Recoverer Process (Oracle) RECO Residential Energy Conservation Ordinance RECO Remote Command and Control RECO Railway Equipment Company, Inc. ), has been upgraded by A.M. Best Company to a rating level of A- from its previous rating of B++. In commenting on the upgrade, A.M. Best stated that "the rating upgrade reflects the positive implications of RECO's combination with Chartwell." Richard E. Cole, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Chartwell Re, stated that "the receipt of an A- rating by A.M. Best is a very important milestone for RECO. This rating enhances our ability to develop further our Controlled Source Insurance segment. RECO will be utilized as our principal primary insurance vehicle, with an emphasis on business produced and underwritten by program administrators." Chartwell Re Corporation conducts business through its wholly-owned subsidiary, Chartwell Re Holdings Corporation. Business segments under Chartwell Re Holdings include: Chartwell Reinsurance, RECO, Chartwell Advisers Limited and Drayton Company Limited. Chartwell Re Corp. has total assets of over $1.1 billion, and total capitalization of approximately $260 million. CONTACT: Chartwell Re Corp. Steven J. Bensinger, 203/961-7367 |
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