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Chartwell Re

As Chartwell Re Corporation begins its third year as a publicly traded company, they thought it would be timely to reflect on Chartwell's development over its first two years as well as the important changes that occurred within their organization during 1997. Over the past two years, Chartwell has evolved from a pure U.S. broker market reinsurer into a diverse international specialty insurance and reinsurance organization. They undertook this transformation as a proactive response to the intensely competitive reinsurance market conditions that they observed at the time and which have continued through today.
It is no secret that they are now experiencing one of the most competitive reinsurance markets most of them have ever seen. Chartwell is in a desirable position to face this type of market due to its successful diversification strategy. Chartwell's core book of reinsurance business is strong, and they will continue to search for profitable reinsurance opportunities. However, they have the ability to turn away the very competitive reinsurance business and allocate capital and resources to the business segments showing the greatest profit potential.
During 1998 you will see Chartwell growing domestically as a result of the specialty insurance programs already in place, as well as new ones being added. In addition, they will grow substantially through Lloyd's as they continue to replace the capacity heretofore provided by traditional names that are leaving the market due to structural changes at Lloyd's.
Chartwell re corporation is an international specialty insurance and reinsurance organization with a diverse base of underwriting and service operations that manages over 1.0 billion dollars in premiums worldwide. Chartwell Reinsurance Company is a broker market reinsurer with over 262 million dollars of policyholders' surplus writing treaty reinsurance for specialty, global, regional and marine and aviation ceding companies.
The insurance corporation of New York is a fully licensed primary insurance company with over 113 million dollars of policyholders' surplus writing property and casualty insurance through specialty program administrators with focused geographic distribution capabilities.

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