Goshawk Reinsurance has enetered a quota share and
associated right to renew deal with SCPIE.
The deal involves all of SCPIE's reinsurance business less certain specified programmes and any losses arising from the
terrorist attacks in the United States on 11 September 2001, said Goshawk.
CEO Chris Fagan said: "We are very pleased to have concluded this deal. The reinsurance book is a strategically important asset which we have assumed on
attractive terms. The arrangement builds on the strong progress we have already made in Bermuda to date. We look forward to the future with increasing confidence."
The arrangement, which has been structured as
The total premium income ceded to Goshawk Re, which will be included in the
2002 and subsequent accounting periods, is expected to be around 190 mln usd.
SCPIE is a shareholder in Goshawk and owns 7,151,446 or 4.07 pct of
Goshawk's issued share capital.
