Renaissance Re, Zurich Re Invest In Inter-Ocean Re

Inter-Ocean Reinsurance Company Ltd. of Bermuda announced that it has two new investors: Renaissance Re of Bermuda purchased a 10% share, and Zurich Re of Switzerland purchased a 9.9% share. Both transactions were effective the last day of 1998.

These two new Inter-Ocean shareholders join 8 other investors, Inter-Ocean says, which include: American Re-Insurance Company (a member of the Munich Re Group), Argus Insurance Co. Ltd., Associated Electric & Gas Insurance Services, Hannover Re, La Mutuelles du Mans, Lincoln National, Reliance Insurance Co., and the Westfield Insurance Company.

"The financial support, capacity, and expertise offered by each of these companies give Inter-Ocean Re unique market advantages," said Mervin Holland, president of Inter-Ocean. "The addition of Renaissance Re and Zurich Re to the group further enhances our capabilities."

Inter-Ocean Re is managed by Am-Re Managers (Bermuda) Ltd. Inter-Ocean Re has been actively engaged in the finite risk business in Bermuda for nine years. The company recently began working with several of its shareholders on new financial products initiatives.