C. V. Starr & Co. Inc. Announces New Syndicate with Lloyds.LONDON -- On Friday 8 September, Lloyd's approved a new syndicate, Syndicate 1919, which will be managed by Marlborough Underwriting Agency Limited (MUAL), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Berkshire Hathaway Berkshire Hathaway (NYSE: BRKA, NYSE: BRKB) is a conglomerate holding company headquartered in Omaha, Nebraska, U.S., that oversees and manages a number of subsidiary companies. . This is subject to the necessary regulatory approval. The syndicate will be wholly capitalised by CV Starr (25%) and Starr International Investments Limited (75%) and aims to start underwriting on 1 October 2006 with a capacity of GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 50m in 2007. The classes of business it will write are aviation, energy and marine. The active underwriter will be Chris Hancock, who was previously at Faraday faraday /far·a·day/ (F ) (far´ah-da) the electric charge carried by one mole of electrons or one equivalent weight of ions, equal to 9.649 × 104coulombs. far·a·day n. . About C. V. Starr & Co. Inc. C. V. Starr & Co. Inc. is an independently-owned holding company with insurance agencies and a portfolio of global investments. Through its wholly owned insurance agencies, C. V. Starr historically has produced approximately $2 billion annually of comprehensive insurance coverage among several specialty lines covering aviation, marine, excess casualty and property, including risks with international exposures. These agencies provide a broad spectrum of value-added specialized services including claims handling and settlement, risks assessment and loss prevention, and customer focused attention. C. V. Starr also has more than $3 billion in investment assets that include public and private equity, hedge funds hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" and alternative assets Alternative Assets A term referring to non-traditional assets with potential economic value. Notes: Examples of alternative assets include art and antiques, precious metals, fine wines, rare stamps and coins, and other collectibles such as sports cards. . C. V. Starr's significant presence in global markets, backed by the company's international expertise, has made it an industry leader for more than 50 years. The company is headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . About Starr International Investments Limited Starr International Investments Limited is an investment company owned by Starr International Company, operating an international investment business with more than $ 18B in assets. About Marlborough Underwriting Agency Limited Marlborough Underwriting Agency Limited (MUAL) is a wholly owned subsidiary of Berkshire Hathaway and currently manages syndicate 1861. |
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