The St. Paul Companies announced plans to transfer its ongoing reinsurance operations to a newly-formed Bermuda-based reinsurer, Platinum Underwriters Holdings, Ltd. which intends to make a public offering of 75.1 percent of its common shares in order to raise approximately $1 billion in capital for its operations.
Description Established in 2007, St. Paul's Preschool is a government funded preschool that is based in Paget, Bermuda. Our operating hours are from 830am to 3pm, Monday through Friday. Our aim is to make learning a joy for students and to use the most up-to-date tools and technologies available. The date on the calendar in the captain's cabin confirmed this; it still showed October 4. Weather reports show that there were only light winds at that time. (Berlitz, Bermuda Triangle, p. 55.) This case is well documented in Nature. It really did, it happened just this way — give or take a lie or two. (Kusche, Bermuda Triangle Mystery, pp.
The St. Paul announcement indicated that the 'operations, employees and assets of St. Paul Re' would be transferred to Platinum, and that it would retain a 24.9 percent minority stake in the new company.
The plan calls for Platinum to reinsure St. Paul Fire and Marine Insurance Company and St. Paul Reinsurance Company Limited 'for certain reinsurance contracts incepting in 2002,' upon completion of the public offering. In addition the announcement indicated that, 'The St. Paul will also transfer certain renewal opportunities and related assets of The St. Paul's reinsurance operation, St. Paul Re, in exchange for a 24.9 percent stake in the new company, which will have 9.9 percent of the voting rights.'
It stated, however, that 'Platinum will not reinsure the reinsurance liabilities of St. Paul Fire and Marine Insurance Company and St. Paul Reinsurance Company Limited relating to reinsurance contracts incepting prior to January 1, 2002. The St. Paul will retain the reserves related to those liabilities.'
Jerry Fadden, who was named chief executive officer of St. Paul Re on March 6, 2002 will become the CEO of Platinum and a member of its Board of Directors.
Steven H. Newman was named as chairman of the board. He was formerly the chairman, president and CEO of Underwriters Re Group prior to its acquisition in May 2000 by Swiss Re.
The move by the St. Paul to radically transform its reinsurance operations had not been totally unexpected. Many analysts had concluded that the company wanted to divest its reinsurance operations, which were primarily responsible for a sharp earnings drop, primarily due to the heavy losses caused by the Sept. 11 attacks.
At the same time, however the St. Paul retains a substantial interest in a new, Bermuda-based reinsurer, which joins a number of other new billion dollar reinsurance ventures that have set up shop on the island. If past performance is any guide, Platinum should have few problems raising the money it needs from its IPO.
St. Paul chairman and CEO Jay Fishman, who'll serve on Platinum's board, stated that the move 'is yet another step to improve the competitive positioning of The St. Paul.' He indicated that, 'In addition to enhancing the competitive positioning of our reinsurance operations, it will, over time, free up capital to build our core commercial lines, specialty property and casualty, and asset management businesses.'
Inside Bermuda Triangle
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- Companies:Platinum Underwriters Holdings, Ltd., St. Paul Fire & Marine, St. Paul Fire and Marine Insurance Co.Categories:International NewsTopics:Bermuda, Commercial Lines, earnings, Jay Fishman, P&C Companies, Reinsurance
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Bermuda Triangle College St Paul Varennes
Bermuda Triangle could disappear things, but Bermuda Triangle also appeared things that it doesn't exist. The Columbus' story may not be true because when he saw the light, the light could be anything. It could be lightning or the light from an island.On December 5th 1945, five Navy TBM Avenger Torpedo Bombers (Flight 19) mysteriously vanished while on a routine training mission. They were disappeared that rescue team couldn't find any evidence of Flight 19. 'The search for the planes continued for weeks, and even today the U.S. Navy has a standing order for crews to keep a look out for Flight 19. The military experts were completely baffled—how could 27 men and six planes just disappear?' (Kusche L. 204) Investigations to date have not produced scientific evidence of any unusual phenomena involved in the disappearances. Navy planes vanished on a training mission during a severe storm in 1945. The most logical theory is that lead pilot Lt. Charles Taylor's compassed failed. The trainees' planes were not equipped with working navigational instruments. The group was disoriented and simply ran out of fuel. No mysterious forces were likely to have been involved other than the mysterious force of gravity on planes with no fuel. One of the rescue planes blew up shortly after take-off, but this was likely due to a faulty
