Centre Solutions Announces Completion of Transaction with Hanson PLC.HAMILTON, Bermuda--(BUSINESS WIRE)--August 5, 1998--Centre Solutions, a member of the Zurich Group, has reached an agreement with Hanson plc Hanson plc (formerly Hanson Trust plc) is a British based international building materials company, headquartered in London. Traded on the London Stock Exchange and a constituent of the FTSE 100 Index for many years, the company was acquired by a division of German rival , the international building materials Building materials used in the construction industry to create . These categories of materials and products are used by and construction project managers to specify the materials and methods used for . company, to assume U.S. environmental and roof product liabilities relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc former operations of Beazer plc. The transaction, which was structured in partnership with Hanson and its advisor Sedgwick plc, transfers the subject exposures through a 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. agreement. The reinsurance program, led by a unit of Centre Solutions, provides $800 million of coverage without any time limitation, in excess of $100 million of costs retained by Hanson. David Wasserman, Chief Executive Officer of Centre Solutions, commented: "This innovative program provides Hanson with a unique combination of financing and risk transfer coverage for liabilities from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. at an attractive net cost. By removing this legacy exposure, the program will enable Hanson's management to focus on pursuing their successful businessstrategy. This transaction is a prime example of Centre Solutions' business of delivering customized insurance, reinsurance and financial solutions to corporate customers, and working with management to deliver value to shareholders." Centre Solutions is a full-service provider of customized insurance, reinsurance, structured finance and risk management programs. Centre Solutions has offices in Bermuda, Dublin, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , London, 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 , San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Sydney and Zurich. Centre Solutions reported $2.2 billion of capital and surplus, and $7.8 billion of total assets as of year-end 1997, with total revenues of $2.1 billion in the year ended December 31, 1997. The Centre Solutions group of companies is rated "A" or "Excellent" by A.M. Best Company and "AA" or "Excellent" by Standard & Poor's Corporation for its claims-paying ability. The Zurich Group is a leading, internationally recognized provider of insurance and financial services in non-life and life insurance, reinsurance, and asset management. It offers financial protection and investment solutions to customers in the personal, commercial and corporate market segments. Headquartered in Zurich, Switzerland, the Group operates in 50 countries worldwide and employs approximately 43,000 people. With premium income of US$ 21.3 billion, Zurich's annual profit for 1997 totaled US$ 1.238 billion.
CONTACT: Andrew Tannen
212/213-7198
or
Jordan Friedman
212/213-7046
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