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Media Contact
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Company Contacts
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Caroline Gentile
Kekst and Company
(212) 521-4883
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Trevor Carvey
Harbor Point Re UK
44 207 816 7138
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Sofia Mata-Leclerc
Kekst and Company
(212) 521-4821
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Gayle Gorman
Harbor Point Bermuda
(441) 294-6743
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Harbor Point Re UK Receives Branch Authorization
Pembroke, Bermuda, October 14, 2008 – Harbor Point Limited announced today that the United Kingdom Financial Services Authority (FSA) has authorized Harbor Point Re UK to operate in the United Kingdom as a branch of Bermuda reinsurer Harbor Point Re Limited with immediate effect. Harbor Point Re UK has been operating as a representative office in the United Kingdom since 2006 and will now have authority to underwrite reinsurance in the United Kingdom on behalf of Harbor Point Re.
Harbor Point Re UK will initially focus on developing underwriting opportunities for short-tail specialty reinsurance classes such as marine, energy, engineering, terrorism and war risks. In addition, Harbor Point Re UK will consider property risk reinsurance programs and may in the future consider non-US casualty reinsurance programs.
Trevor Carvey, Managing Director of Harbor Point Re UK, said, “We are very excited to have received the FSA authorization for our branch activities, which will enable us to expand our presence in the UK and gain access to London’s mature specialty market. We look forward, subject to market conditions, to building a portfolio of business which complements that of our colleagues in Bermuda and New Jersey.”
Harbor Point CEO John Berger also acknowledged the importance of developing a presence in London, adding, “The London market will offer significant potential for Harbor Point to expand its specialty underwriting capability when market conditions improve. Our presence demonstrates our commitment to this market, and we are eager to introduce our underwriting capacity here.”
About Harbor Point
Harbor Point Limited is a Bermuda-based global property and casualty reinsurance company. It had shareholders’ equity of approximately $1.6 billion as of June 30, 2008. Harbor Point Re Limited, the company’s Bermuda reinsurance subsidiary, is rated “A” (Excellent) by A.M. Best Company, Inc. and “A-” by Standard & Poor’s. At its formation in November 2005, Harbor Point acquired all of the assets, including renewal rights, of Chubb Re.