American Re Announces the Sale of ARB International Ltd.Business Editors PRINCETON, N.J.--(BUSINESS WIRE)--Nov. 3, 2003 American Re Corporation announced today the sale of its subsidiary, ARB International Ltd (ARBI ARBI Alcohol Related Brain Injury ARBI Adjusted Running Book Inventory ). The purchasers are members of ARBI management. The terms of the sale were not disclosed. "It gives us great pleasure to announce the management buyout Management buyout (MBO) Leveraged buyout whereby the acquiring group is led by the firm's management. management buyout See going private. of ARBI. ARBI will continue to operate without any interruption or changes in its business", said Kenneth Woodhams, Managing Director of ARBI. ARBI will retain its current trade names, operating structures and management teams. ARB International Ltd. is a Lloyd's brokering house headquartered in London, England. ARBI's client focused organization is led by a team of professionals skilled in the disciplines most needed by its clients. ARBI specializes in a broad range of classes of both insurance and 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. solutions. American Re Corporation, a member of the Munich Re Munich Re AG, in German Münchener Rück AG (ISIN: DE0008430026), is the world's second largest reinsurance company with over 5,000 customers in 160 countries and has its headquarters in Munich, Germany. Group, is one of the leading providers of reinsurance in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Through its subsidiaries, it writes treaty and facultative facultative /fac·ul·ta·tive/ (fak´ul-ta?tiv) not obligatory; pertaining to the ability to adjust to particular circumstances or to assume a particular role. fac·ul·ta·tive adj. 1. reinsurance, insurance, and provides related services to insurance companies, other large businesses, government agencies, pools and other self-insurers. The Munich Re Group, whose business also includes primary insurance and asset management, has a preeminent position in the global reinsurance industry. It is headed by Munich Reinsurance Company of Munich, Germany, and includes reinsurance subsidiaries, branches, service companies and liaison offices in more than 60 locations worldwide, serving insurers in more than 150 countries. |
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