Capital Re Corporation Puts Discontinued Lloyds Operations Into Run-Off.NEW YORK--(BUSINESS WIRE)--Oct. 15, 1999-- Capital Re Corporation (NYSE NYSE See: New York Stock Exchange :KRE KRE Kauffman Racing Equipment KRE Kuwait Real Estate (bank) KRE Keffalas Real Estate, Inc KRE Key Results Expected KRE Karl Real Estate KRE Kernel Rules Enforcement KRE Korea Research Environment ) announced today that CRC (Cyclical Redundancy Checking) An error checking technique used to ensure the accuracy of transmitting digital data. The transmitted messages are divided into predetermined lengths which, used as dividends, are divided by a fixed divisor. Capital, Capital Re's corporate name at Lloyd's, will not be supporting the underwriting of RGB (Red Green Blue) The computer's native color space, which is the color system for capturing and displaying images. RGB was derived from our own perception of color because human eyes are sensitive to red, green and blue (see trichromaticity). Syndicate 490 for the year 2000 underwriting year. Partially as a result of this withdrawal of capacity, RGB Agencies, Ltd. has ceased underwriting on behalf of Syndicate 490. In connection with these actions Capital Re Corporation will be taking a third quarter charge of $15 million, which is attributable to the expenses related to the cessation of underwriting. In addition, Capital Re Corporation will strengthen its reserves in the third quarter against future adverse underwriting development of Syndicate 490 by $35 million. Capital Re is a specialty 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. group providing innovative solutions to problems of financial risk management. Capital Re's two principal divisions, financial guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. and financial risk, are engaged in the business of municipal and non-municipal financial guaranty reinsurance, mortgage guaranty reinsurance, title reinsurance, trade credit reinsurance and financial solutions. The statements contained in this release and statements that the Company may make orally in connection with this release that are not historical facts are forward looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by the Company with the Securities and Exchange Commission. |
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