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Article: MORE DIFFICULTIES FOR NEW CAP RE.(Brief Article)
- Article from:
- Business Insurance
- Article date:
- May 3, 1999
- Author:
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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SYDNEY, Australia-Troubled Australian reinsurer New Cap Reinsurance Corp Ltd. has had its Bermuda-based underwriting operation placed in provisional liquidation and has appointed an administrator to its Australian underwriting business.
New Cap Re, established and listed on the Australian Stock Exchange in December 1996, underwrites from Bermuda and from Sydney, Australia. The reinsurer's holding company, New Cap Reinsurance Corp. Holdings Ltd., is based in Hamilton, Bermuda.
New Cap Re was due to report its 1998 accounts March 16 but has missed several reporting deadlines, and the reinsurer is under investigation by the Australian Securities & ...