American Re U.S. Casualty Business.Business Editors PRINCETON, N.J.--(BUSINESS WIRE)--April 23, 2004 American Re-Insurance RE-INSURANCE, mar. contr. An insurance made by a former insurer, his executors, administrators, or assigns, to protect himself and his estate from a risk to which they were liable by the first insurance. 2. It differs from a double insurance (q.v. Company, the U.S. subsidiary 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. , today underscored that it is continuing U.S. casualty business. Said the Company's Chairman, John Phelan, "We are in this business to stay and we want to assure our clients that we are." The Company's response follows various interpretations in US and European newspapers of statements made at a press conference last week by its parent company, Munich Re. Nikolaus von Bomhard, Chairman of the Board of Management of Munich Re, also confirmed Phelan's remarks about US casualty business. "It is not Munich Re's intention to withdraw from US casualty business. A study of US casualty business is a joint effort between Munich Re and American Re to identify and select profitable casualty opportunities. I expect that this fundamental exercise to analyze the current and future key drivers of US casualty business will give American Re a competitive advantage in the US 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. marketplace to the benefit of the Group's shareholders and clients." American Re Corporation, a member of the Munich Re 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. . 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 pre·em·i·nent or pre-em·i·nent adj. Superior to or notable above all others; outstanding. See Synonyms at dominant, noted. [Middle English, from Latin prae 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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