American Re and Best Doctors, Inc. Announce Strategic Investment.Business Editors PRINCETON, N.J.--(BUSINESS WIRE)--Oct. 29, 2002 American Re-Insurance Company, the U.S. subsidiary of 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. , the world's largest reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. , announced today a strategic investment in Best Doctors, Inc, the global leader in connecting people to the best medical care. Best Doctors will dedicate ded·i·cate tr.v. ded·i·cat·ed, ded·i·cat·ing, ded·i·cates 1. To set apart for a deity or for religious purposes; consecrate. 2. the proceeds of this investment to marketing, product development and expansion of its unique programs for the care of catastrophically cat·a·stroph·ic adj. 1. Of, relating to, or involving a catastrophe. 2. Involving or resulting in substantial, often ruinous medical expense: a catastrophic illness. ill patients. "Best Doctors has provided an extraordinary new approach to catastrophic care management: delivering the best medical expertise to patients and their doctors. American Re's collaboration with Best Doctors emphasizes our common business objective of dramatically improving outcomes for people suffering from serious illness or injury," said Bruce Sundquist, Vice President of Claims at American Re. Best Doctors has forged a growing strategic alliance with the Munich Re group of companies. This partnership is grounded in the commitment of both groups to market affordable, robust and profitable insurance products for critical, complex and catastrophic illnesses catastrophic illness A morbid condition that results in health care costs that exceed a person's income, or which compromise financial independence, reducing him/her to subsistence or near-poverty levels; CIs are usually life-threatening and may leave significant . "We are honored hon·or n. 1. High respect, as that shown for special merit; esteem: the honor shown to a Nobel laureate. 2. a. Good name; reputation. b. to be working with American Re, a leader in 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. industry," said David Seligman, President 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 Best Doctors. "Together with American Re, we have produced remarkable results for American Re and its clients while opening up new business opportunities. This investment supports our rapid growth and endorses our mission of connecting people to the best medical care." Wolfgang Engshuber, president, Corporate Centers of American Re, added, "As healthcare systems evolve, the combination of American Re's reinsurance expertise, strength, and vision, along with the marketing and risk management abilities of Best Doctors will continue to drive our leadership in the global insurance market." About American Re 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 has received the highest insurance financial strength ratings from A.M. Best Company and Standard & Poor's. 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. About Best Doctors(R) Best Doctors is the world leader in connecting people with the best medical care. Using its renowned database of over 50,000 doctors recognized as the best by top specialists, Best Doctors provides rapid access to the best medical knowledge and peace of mind to thousands of people around the world faced a serious illness. Best Doctors services are available worldwide serving more than 10 million lives in 30 countries. --30--JK/ny csm
CONTACT: American Re
Bruce Sundquist, 609/243-4745
bsundquist@amre.com
or
Best Doctors
Evan Falchuk, 617/426-3666
efalchuk@bestdoctors.com
KEYWORD: NEW JERSEY
INDUSTRY KEYWORD: MEDICAL INSURANCE MARKETING AGREEMENTS
SOURCE: American Re
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