Chartwell Re Corporation to list on the New York Stock Exchange.STAMFORD, Conn.--(BUSINESS WIRE)--Aug. 19, 1996--Chartwell Re Corporation ("Chartwell") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CWLR) announced today that it has filed an application to list its common stock on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . Chartwell, which is currently traded on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol "CWLR", expects to begin trading on the NYSE NYSE See: New York Stock Exchange on or about August 29, 1996 under the symbol "CWL". Richard E. Cole, Chairman and Chief Executive Officer of Chartwell, said "we are very pleased to be moving to the New York Stock Exchange, which is viewed by many as the premier marketplace for equity securities in the world. We believe the move will improve Chartwell's stockholder value through increased liquidity, lower transaction costs and improved trading efficiencies, as well as by providing the Company with greater access to institutional, individual and foreign investors." Chartwell Re Corporation conducts business through its three wholly-owned subsidiaries, Chartwell Reinsurance Company, The Reinsurance Corporation of New York and Chartwell Advisers Limited. Chartwell Reinsurance Company writes property and casualty reinsurance for specialty, regional and global ceding companies. The Reinsurance Corporation of New York (RECO RECO Real Estate Council of Ontario RECO Recoverer Process (Oracle) RECO Residential Energy Conservation Ordinance RECO Remote Command and Control RECO Railway Equipment Company, Inc. ) writes property and casualty insurance for specialty program administrators. Chartwell Reinsurance Company and RECO are rated A (Excellent) and A- (Excellent), respectively, by A.M. Best Company and are assigned an A- claims paying ability rating by Standard & Poor's. Chartwell Advisers Limited provides advisory services to a publicly traded corporate vehicle which provides capital to select syndicates at Lloyd's of London Not to be confused with Lloyds Bank or Lloyd's Register. Lloyd's of London is a British insurance market. It serves as a meeting place where multiple financial backers or “members”, whether individuals (traditionally known as . CONTACT: Chartwell Re Corp., Stamford Steven J. Bensinger, President 203/961-7367 |
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