W.R. Berkley Corporation acquires 100% ownership of Signet Star Holdings Inc.GREENWICH, Conn.--(BUSINESS WIRE)--W.R. Berkley Corp. (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 :BKLY) announced that on Dec. 28, 1995 it increased its ownership of Signet Star Holdings Inc. ("Signet Star Holdings") to 100% from 60% by completing the previously announced purchase of all of the capital stock of Signet Star Holdings owned by General Re Corp. ("General Re"). Signet Star Holdings, through its 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. , Signet Star 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. Co., is a leading broker market 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. with over $240 million in statutory surplus and more than $200 million of net premiums written. W.R. Berkley Corp. ("WRBC WRBC W R Berkley Corporation ") effected the purchase by issuing to General Re approximately 450,000 shares of Series B Cumulative Redeemable Preferred Stock of WRBC having an aggregate liquidation preference of 68,800,000. WRBC also guaranteed a senior subordinated promissory note of Signet Star Holdings in the principal amount of $35,793,085, which matures July 1, 2003 and bears interest at the rate of 6.5%. The note was issued by Signet Star Holdings to General Re in exchange for the convertible note of the same principal amount previously issued to General Re. William R. Berkley, 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 WRBC stated, "The acquisition of 100% of Signet Star Holdings continues our strategy of expanding our presence in the broker reinsurance market. This transaction demonstrates our commitment to maintaining Signet Star's status as a leading source of stable reinsurance capacity and innovative reinsurance products." W.R. Berkley Corp. is an insurance holding company which, through its subsidiaries, operates in four segments of the insurance business: regional property casualty insurance; reinsurance; speciality lines of insurance; and insurance services operations (which provide services to alternative insurance market mechanisms). CONTACT: W.R. Berkley Corporation Anthony J. Del Tufo, 203/629-3030 |
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