The Imagine Group Completes Acquisition of Greenwich Managing Agency and Expands Global Operations.Business Editors WILDEY, Barbados--(BUSINESS WIRE)--Dec. 15, 2003 The Imagine Group today announced the completion of the acquisition of a two-thirds equity interest in Greenwich Managing Agency, a managing agency of 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 . This agency will be renamed Imagine Underwriting Limited to reflect the change of control. In addition, Imagine increased its participation in the agency's Syndicate 994 to 100% for the year 2004 (a commitment of approximately GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 20 million) and received approval from Lloyd's for the Syndicate's new business plan, allowing it to underwrite specialty coverages consistent with Imagine's businesses. Brad Huntington, the group's President & 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. stated, "Our goal is to be a pre-eminent specialty 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. and insurance group. The completion of this significant acquisition is the result of the successful execution of a consistent strategy and focus. In addition, to this acquisition, we have completed a number of other significant initiatives which will expand our business and solidify our position as a market leader." Other recent Imagine growth initiatives include: Acquired PMA PMA (papillary-marginal-attached), n a system of epidemiologic scoring of periodontal disease devised by Schour and Massler in which the symbols denote the areas involved in gingival inflammation. PMA Progressive muscular atrophy Re's Renewal Rights PMA Capital Corporation reached a definitive agreement with Imagine, which allows Imagine to actively novate and renew all of PMA existing finite business to Imagine. The portfolio includes an in-force value of $333 million at November 1, 2003. Under the agreements, all business transferred to the Imagine Group is subject to Imagine's comprehensive review and underwriting processes and standards. Established European Insurance Operation Imagine incorporated Pillar Insurance Company Limited ("Pillar") in Gibraltar and received regulatory approval to write direct business under a number of classes of business in all 15 European Union countries. This new business allows Imagine to offer specialty insurance products to its clients in Europe. Opened New Group Office in Australia The Imagine Group recently opened an office in Sydney to service the Australian market, under the name Imagine Group (Australia) Pty. Ltd, a licensed foreign insurance agent under Australian regulations. Gained Approval for New Barbados Segregated Cell Company (SCC SCC - strongly connected component ) The government of Barbados approved the commencement of operations of Imagine Reinsurance SCC. The new company will assist clients in protecting their insurance assets and liabilities in a protected cell structure. Notes to editors: Imagine is a specialty reinsurance company meeting the needs of its insurance and reinsurance clients around the world. Imagine is a subsidiary of Brascan Corporation (NYSE NYSE See: New York Stock Exchange :BNN BNN Boston Neighborhood Network BNN Boundary Network Node (IBM) BNN Back-Propagation Neural Network BNN Biological Neural Network BNN Bart's Neverending Network (public-service TV network in The Netherlands) ) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BNN.a) and has offices in Barbados, Bermuda, Dublin, New York, London, Copenhagen and Sydney. With capital in excess of US$370 million, Imagine has ratings of A (Strong) and A- (Excellent) from Fitch and A.M. Best respectively. For further information, visit http://www.theimaginegroup.com |
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