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HARBOR POINT ANNOUNCES PROPERTY CAT BUSINESS TO BE UNDERWRITTEN BY HARBOR POINT RE LIMITED IN BERMUDA
Harbor Point Re is rated “A” Excellent by A.M. Best with shareholders’ equity of approximately $1.3 billion as of June 30, 2006. Jed Rhoads will be responsible for all U.S. and Canadian property cat business, and Thomas Wafer will be responsible for International business. Contact information for Jed and Thomas is as follows: jed.rhoads@harborpoint.bm or 441-294-6745, and tom.wafer@harborpoint.bm or 441-294-6741. Bill MacLachlan and Joscelin Burrer will be relocating to Harbor Point Re in Bermuda for the months of November and December to assist with this transition. John Berger, CEO of Harbor Point, stated: “The move of property cat underwriting to Bermuda was part of our original plan when Harbor Point was created. Bermuda is the logical place to underwrite this business. We are now fully staffed and ready to transact property cat business in Bermuda.” U.S. property per risk and proportional business will continue to be underwritten by Harbor Point Services and should be directed to Ed Konikowski (ed.konikowski@harborpoint.com or 908-630-2779). Only the property cat business is moving to Bermuda. Similarly, Crop, Marine and Aviation business will also continue to be underwritten by Harbor Point Services. These classes of business will continue to be underwritten on Chubb/Federal paper at 1/1/07. Harbor Point Re is a Bermuda-based global reinsurance company with shareholders’ equity of approximately $1.3 billion at June 30, 2006. Harbor Point was formed in late 2005 in response to the anticipated increase in demand for property catastrophe reinsurance. At its formation, Harbor Point acquired all of the assets, including renewal rights, of Chubb Re. |
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