Chartwell Re Corporation Director Resigns.STAMFORD, Conn--(BUSINESS WIRE)--Oct. 10, 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 ) today announced that Bruce W. Schnitzer has resigned as a director. Mr. Schnitzer is a principal of Wand Partners (S.C .) Inc., which is the general partner of the partnership that controls Wand/Chartwell Investments L.P. ("Wand"). Wand led the original investor group which supported the 1992 management buyout Management buyout (MBO) Leveraged buyout whereby the acquiring group is led by the firm's management. management buyout See going private. of Chartwell. Wand's ownership interest in Chartwell common stock is presently approximately 8.3%, and Wand's president, David J. Callard, continues as a member of the Company's Board of Directors. Chartwell Re Corporation conducts business principally through its four wholly-owned subsidiaries, Chartwell 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. Company, The Insurance Corporation of 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 , Archer Group Holdings plc and Chartwell Advisers Limited. Information on Chartwell's directors and senior officers and current business and financial data are available on Chartwell's website at www.chartwellre.com. CONTACT: Steven J. Bensinger, President (203) 705-2520 or Nancy B. Saltzman, Director, Investor Relations (203) 705-2532 |
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