Chartwell Re Corporation Announces Ownership in Euro-American Reinsurance Management Company S.R.L.STAMFORD, Conn.--(BUSINESS WIRE)--Oct. 22, 1997--Chartwell Re Corporation ("Chartwell") (NYSE NYSE See: New York Stock Exchange : CWL CWL Catholic Women's League CWL Campus Wide Login CWL Center for Writing and Learning CWL Concealed Weapons License CWL Cardiff, Wales, United Kingdom - Cardiff-Wales (Airport Code) CWL Congestion Window Limit CWL Crying With Laughter ) announces the acquisition of a 20% ownership position in Euro-American 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. Management Company S.R.L. ("Euro-American Re") based in Milano, Italy. Euro-American Re is a management company that writes marine and non-marine reinsurance in the Italian market on behalf of a group of reinsurers. Chartwell has been involved with Euro-American Re as a reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. for three years. In 1996, Chartwell wrote approximately $3.5 million of reinsurance through Euro-American Re. Euro-American Re is 60% owned by Aon Corporation ("Aon") and 20% by the principal, Mr. Carmine carmine /car·mine/ (kahr´min) a red coloring matter used as a histologic stain. indigo carmine indigotindisulfonate sodium. car·mine n. Maffei, who said, "We are delighted to be expanding our relationship with Richard Cole and the Chartwell Group. Euro-American Re and Chartwell have enjoyed three successful years as trading partners, and now we can look forward to an exciting future as business affiliates." Richard E. Cole, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Chartwell stated, "This is an important strategic move as Chartwell continues to expand its role as an international insurer and reinsurer. We are very pleased to be joining Aon and Mr. Maffei in the ownership of Euro-American Re." Chartwell Re Corporation conducts business through its four principal operating subsidiaries, Chartwell Reinsurance Company, The Insurance Corporation of New York, Archer Managing Agents Limited and Chartwell Advisers Limited. Chartwell Reinsurance writes property and casualty reinsurance for specialty, regional, marine & aviation and global ceding companies. The Insurance Corporation of New York writes property and casualty insurance for specialty program administrators. Archer is one of the largest managing agencies at Lloyd's with approximately 4% of Lloyd's total underwriting capacity for the 1997 year of account. Chartwell Advisers provides advisory services to a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. which provides capital to select syndicates at Lloyd's. CONTACT: Chartwell Re Corporation Steven J. Bensinger, President: Tel: 203-705-2520 Nancy B. Saltzman, Investor Relations: Tel: 203-705-2532 |
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