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News focus - London market - Newline sets up UK-based company.
(From Reinsurance)
Following the lead of many Lloyd's-based operations, Odyssey Re's Newline Underwriting Management has set up a UK-regulated insurance company to be based in London.
Formed with GBP25m in new capital, Newline Insurance Company (NICL) is casualty-focused and will write the same lines, using the same underwriting team, as its Lloyd's Syndicate 1218 operation. All necessary regulatory approvals have been granted by the Financial Services Authority (FSA) and NICL will start underwriting general liability, professional indemnity, and directors' and officers' liability insurance in the UK and other EU countries. AM Best has given the new company an 'A' (Excellent) rating.
Brian Young, managing director of Newline, commented: "NICL gives us additional operating flexibility and will extend the reach of ...
- Odyssey Re Holdings Corp. Forms Newline Insurance Company Limited.
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- Press release article from: Business Wire December 20, 2002 700+ words
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...America Reinsurance Corporation * Hudson Insurance Company * Hudson Specialty Insurance Company * Newline Insurance Company Limited The ICR of "bbb" has been affirmed for Odyssey Re Holdings Corp. The FSR of A-(Excellent...
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