Corniche Group Subsidiary Announces Reinsurance Agreement With American Modern Home Insurance Company; Company to Reinsure Some American Modern Warranty Business.EULESS, Texas--(BUSINESS WIRE)--July 28, 1999-- Stamford Insurance Company Ltd., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Corniche cor·niche n. A road that winds along the side of a steep coast or cliff. [Short for French route en corniche : route, road + en, on + corniche, Group Inc., (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CNGI CNGI China Next Generation Internet ), received a letter of intent from American Modern Home Insurance Company to reinsure 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. certain risks with Stamford. American Modern Home Insurance Company, a leading national specialty insurer and a member company of American Modern Insurance Group Inc., is rated "A" (Excellent) by A.M. Best, a worldwide rating organization for insurance companies. Bob Hutchins, president of Corniche, indicated that he was very pleased to have an insurance group with American Modern's stature as the lead underwriter for Stamford and "is looking forward to the income this developing relationship will most certainly produce for Stamford and Corniche." The business, which will be written on a monthly reporting form basis, will be reported to American Modern Home this month and then subsequently to Stamford during the third quarter of 1999 and monthly thereafter. Thomas A. Knighten, senior vice president of American Modern's Warranty Strategic Business Team, echoed Hutchins' excitement regarding the new business relationship. "We are very happy to enter into this new 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. relationship and look forward to its growth and profitability," said. The Corniche Group is an e-commerce company that primarily furnishes affordable service plans conveniently and directly to the consumer via its Warranty Superstore site, www.warrantysuperstore.com. "Safe Harbor" Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: To the extent that this news release makes statements about the future, such statements are forward looking and subject to a number of risks and uncertainties, including, but not limited to, the impact of competitive products, product demand and market acceptance risks, reliance on key strategic alliances, fluctuations in operating results and other risks, detailed from time to time in the Company's filings with the Securities and Exchange Commission. These risks could cause the Company's actual results from the current fiscal year and beyond to differ materially from those expressed in any forward looking statements made by, or on behalf of, the Company. No assurance can be made that the maximum or minimum amount of the shares to be offered pursuant to the offering will be sold. |
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