Printer Friendly

THE REINSURANCE CORPORATION OF NEW YORK ANNOUNCES ADDITIONAL CAPITAL CONTRIBUTION

 NEW YORK, March 2 /PRNewswire/ -- The Reinsurance Corporation of New York (RECO) announced today that its parent company, Piedmont Management Company Inc. (NASDAQ-NMS: PMAN) will contribute $10 million to its policyholders' surplus to offset the effect of losses incurred from the major catastrophes of 1992 and restore surplus to an amount comparable with the beginning of last year. RECO reported Dec. 31, 1992 policyholders' surplus of $71 million.
 "Our objective is to maintain an optimal level of policyholders' surplus for the specialty reinsurance and insurance lines RECO is underwriting," commented Robert M. DeMichele, RECO's president. "We want our clients to know that although the 1992 catastrophe activity had a negative financial impact on the entire industry, RECO is equipped to bolster its financial position to support their needs."
 The Reinsurance Corporation of New York, a property and casualty reinsurance company, was formed in 1936 and is one of the oldest reinsurance companies in the United States. RECO is a wholly owned subsidiary of Piedmont, a financial services company active in the fields of reinsurance and asset management.
 -0- 3/2/93
 /CONTACT: Robert M. DeMichele, president of RECO, 212-363-4440/
 (PMAN)


CO: Reinsurance Corporation of New York; Piedmont Management Co. ST: New York IN: INS SU:

AH-OS -- NY092 -- 2081 03/02/93 15:25 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 2, 1993
Words:214
Previous Article:RAYTHEON, FLUOR TEAM FOR $2.2 BILLION THAILAND REFINERY PROJECT
Next Article:M HOLDINGS ISSUES STATEMENT ON LAWSUIT
Topics:


Related Articles
CAPITAL RE CORPORATION FILES $75 MILLION OF DEBENTURES
PIEDMONT MANAGEMENT COMPANY INC. REPORTS OPERATING RESULTS FOR THE FIRST QUARTER
PIEDMONT MANAGEMENT MAKES CAPITAL CONTRIBUTION TO RECO
ORION CAPITAL CORPORATION NAMES DANIEL L. BARRY CHIEF FINANCIAL OFFICER
QBE Increases Capital in the Americas.
Gerling Global Reinsurance Corporation of America Announces the Appointment Of Michael E. Morrill as Chief Executive Officer.
QBE Increases Capital In the Americas to US$250 Million.
QBE Increases Capital in the Americas.
Gulf Re granted license by Dubai Financial Services Authority.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters