Centre Solutions and Trinity Re Indicate No Impact to Trinity Catastrophe Bonds from Hurricane Georges.HAMILTON, Bermuda/GRAND CAYMAN, Cayman Islands--(BUSINESS WIRE)-- Oct. 5, 1998--Centre Solutions (Bermuda) Limited (formerly known as Centre Re), a member of the 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 Group, announced today that it does not expect to incur any losses due to Hurricane Georges This article is about Atlantic hurricane of 1998. For other storms of the same name, see Hurricane Georges (disambiguation). Hurricane Georges (IPA: [ʒɔʒ] under 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. contract written as part of the Trinity Re, Ltd. transaction completed earlier this year. Consequently, Trinity Re, Ltd. announced today that it does not expect the securities it has issued to be affected by losses due to Hurricane Georges. In March of this year, Centre Solutions (Bermuda) Limited purchased retrocessional capacity from capital markets investors against Florida hurricanes The List of Florida hurricanes encompasses 470 tropical or subtropical cyclones that affected the state of Florida. More storms hit Florida than any other U.S. state, and since 1851 only eighteen hurricane seasons passed without a storm impacting the state. during 1998 through Trinity Re, Ltd. Trinity Re issued $83.569 MM of fixed income securities due December 31, 1998 through a Rule 144A Rule 144A A Securities & Exchange Commission rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves. offering completed March 3, 1998. Loss of principal on this bond is triggered when Centre Solutions (Bermuda) Limited incurs losses as the direct result of a hurricane under an excess of loss reinsurance policy the company has written to a Florida residential property insurer. Centre Solutions (Bermuda) Limited is a member of the Zurich Financial Services Group. Centre Solutions is a full-service provider of customized insurance and risk management programs with 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, Sydney and Zurich. The Centre Solutions group of companies reported $2.2 billion in capital and surplus and $7.8 billion in total assets as of year end 1997 in accordance with US generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . Centre Solutions is rated "A" or "Excellent" by A.M. Best Company and "AA" or "Excellent" by Standard & Poor's Corporation for their claims-paying ability. The Zurich Financial Services Group is one of the global leaders in the financial services industry, providing its customers with products and solutions in the area of financial protection and asset accumulation. The Group is concentrating its activities in four core businesses: non-life and life insurance, reinsurance and asset management. Headquartered in Zurich, Switzerland, Zurich Financial Services' worldwide presence builds on strong positions in its three home markets the United States, the United Kingdom and Switzerland. With offices in some 60 countries, Zurich Financial Services reaches over 30 million customers and employs more than 68,000 people. Based on pro-forma consolidated figures for 1997, the Group achieved gross premiums of more than US$ 44 billion. This amount includes insurance deposits as well as premiums from the Farmers Exchanges. The pro-forma net income for the year 1997 amounted to US$ 2.1 billion. On December 31, 1997, the Zurich Financial Services Group had US$ 375 billion of pro-forma assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. of which US$ 222 billion represent funds managed for third-party institutional and retail customers. Trinity Re, Ltd. is a special purpose licensed Cayman Islands reinsurance company. Trinity Re's business consists solely of the issuance of the fixed income securities, and entering into and performance of a retrocessional agreement with Centre Solutions (Bermuda) Limited and related agreements and activities. |
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