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W. R. BERKELY CORPORATION AND GENERAL RE CORPORATION EXECUTE DEFINITIVE AGREEMENT

 GREENWICH, Conn., March 29 /PRNewswire/ -- W. R. Berkley Corporation of Greenwich (NASDAQ: BKLY) today announced that on Friday it executed a definitive agreement with General Re Corporation of Stamford, Conn. with respect to a reinsurance venture about which the companies had previously announced that they had reached an agreement in principle in February. Under the agreement, a new holding company would acquire 100 percent of the stock of North Star Reinsurance Corporation, a wholly owned subsidiary of General Re, and 100 percent of the stock of Signet Reinsurance Company, a wholly owned subsidiary of Berkley. Berkley would acquire shares representing 60 percent of the equity in the new holding company and General Re would acquire shares representing 40 percent of the equity in the new holding company, with convertible debentures and senior notes representing the balance of General Re's investment. The parties have agreed that all business of North Star and Signet incepting prior to Jan. 1, 1993 will be retained by General Re and Berkley, respectively. During 1992, Signet and North Star had aggregate premium volume of approximately $184 million and policyholders' surplus of approximately $232 million.
 The transaction is subject to various closing conditions including the receipt of regulatory approvals.
 W. R. Berkley Corporation is a holding company which operates, through its subsidiaries, in three segments of the insurance business: regional property casualty insurance; specialty lines of insurance (including excess and surplus lines, commercial transportation and reinsurance), and insurance services operations (including management of alternative insurance market mechanisms).
 -0- 3/29/93
 /CONTACT: John D. Vollaro, executive vice president of W. R. Berkley Corporation, 203-629-2880/
 (BKLY)


CO: W.R. Berkley Corporation; General Re Corporation ST: Connecticut IN: INS SU:

AH-KW -- NY098 -- 0715 03/29/93 17:03 EST
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Publication:PR Newswire
Date:Mar 29, 1993
Words:290
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