Centre's Successful Run-Off Strategy Continues; Significant Reduction in Life & Health Portfolio Achieved by Two Commutations.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- The Centre Group of Companies (Centre), a subsidiary of Zurich Financial Services Zurich Financial Services Group is a major financial services group based in Zurich, Switzerland. Global operations North America The US consumer market is served primarily by Farmers Insurance Group the third largest personal lines property & casualty insurance , today announced the signing of agreements to commute two transactions, resulting in a significant reduction of Centre's total individual disability and long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. insurance portfolios in the U.S. The first commutation - Penn Treaty American Corporation (Penn Treaty) - is effective retroactively as of May 24. Under the original agreement entered into in February 2002, Centre had reinsured Penn Treaty's long-term care portfolio. The second commutation - UnumProvident Corporation (UNUM) - will be effective on or before December 31, 2005. Under the original UNUM transaction, entered into in 1996, Centre has reinsured a portion of UNUM's individual income protection business. Since Centre started its active run-off strategy, approximately 50 transactions have been commuted or sold, resulting in a 44-percent reduction of net reserves since January 1, 2004. Zurich Financial Services is an insurance-based financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. provider with a global network that focuses its activities on its key markets in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. Zurich has offices in more than 50 countries and employs about 57,000 people. |
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