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Article: NEW CAP RE (BERMUDA) LOSSES FORCE A HALT TO UNDERWRITING.
- Article from:
- Business Insurance
- Article date:
- March 8, 1999
CopyrightCOPYRIGHT 1999 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HAMILTON, Bermuda-New Cap Reinsurance Corp. (Bermuda) has stopped writing new business, as its statutory capital has fallen below the $100 million regulatory requirement for its license in Bermuda.
The drop in capital results from heavy losses the reinsurer suffered in 1998. New Cap Re issued a statement last week, saying: ``The directors have temporarily suspended writing new business in the Bermudian subsidiary pending a full review of operations. New Cap Re has notified the Registrar of
Companies in Bermuda of this and has submitted itself for inspection.''
The reinsurer is a subsidiary of New Cap Reinsurance Corp. Holdings Ltd., which also ...