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HARBOR POINT ANNOUNCES THE FORMATION OF NEW POINT RE
New Point Re to be Capitalized
with $250 Million to Write Collateralized Retro.
New Point Re Appoints Harbor Point Agency as Underwriting Manager
Pembroke,
Bermuda, December 19, 2006 - Harbor Point Limited
(“Harbor
Point”) today announced the formation of New Point Re Limited
(“New Point Re”). New Point Re is a Bermuda Class 3 reinsurance
company that will be capitalized with approximately $250 million
and was formed specifically for writing collateralized retrocessional
contracts, including collateralized industry loss warranties (ILWs).
Harbor Point will be a minority investor in New Point Limited, the
parent company of New Point Re. Harbor Point also announced the formation
of a wholly-owned subsidiary, Harbor Point Agency Limited, to provide
all underwriting and management services to New Point Re.
John R. Berger, CEO of Harbor Point, said, “New Point Re will
provide needed capacity to the retro marketplace, serving as an effective
vehicle for Harbor Point to deliver this product to the market. This
is another opportunity for us to leverage our underwriting expertise
while meeting client-specific needs.”
The securities have not been registered under the U.S. Securities
Act of 1933 and may not be offered or sold in the United States unless
registered under the Securities Act or under an applicable exemption
from such registration requirements. This release shall not constitute
an offer to sell or the solicitation of an offer to buy any securities,
nor shall there be any sale of these securities in any state in which
such offer, solicitation or sale would be unlawful.
About Harbor Point
Harbor Point Limited is a Bermuda-based global
property casualty reinsurance company. It has shareholders’ equity
of approximately $1.45 billion as of September 30, 2006. Harbor Point
Re Limited, the company’s 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.
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Contact Information:
Laura Walters
Kekst and Company
(212) 521-4800
Gayle Gorman
Harbor Point
(441) 294-6743
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