NAC Re Completes Investment in Prime Advisors

NAC Re Corp., based in Greenwich, CT, says it has completed the purchase of a significant equity interest in Kirkland, WA-based Prime Advisors Inc., a property and casualty insurance asset management firm. In addition to the equity investment, NAC Re will retain Prime to manage a segment of its invested assets. Mellon Bank Corporation also made a similar investment as part of this transaction.

With more than $2 billion in assets under management, Prime's principal focus has been on developing proprietary investment capabilities for property and casualty insurance companies. The company has pioneered an approach to the management of insurance company assets, which utilizes dynamic financial analytical models and after-tax trading and performance measurement systems to optimize investment performance.

Nicholas M. Brown Jr., president and chief operating officer of NAC Re, says, "We are very pleased to announce the completion of this investment in Prime Advisors, whose unique investment management services will enhance our ability to provide high quality services to our property/casualty clients. Working with our partners from Mellon and Prime, we will be able to introduce Prime Advisors' distinct investment management capabilities to our property and casualty clients."