Risk Capital Gets Reinsurance Sale, Name Change Go Ahead

Greenwich, CTC-based Risk Capital Holdings says that, at a special meeting of its shareholders held earlier today, shareholders approved a previously announced proposal for the sale of RCHI's reinsurance business.

Risk Capital plans to transfer the reinsurance assets and liabilities of its operating subsidiary, Risk Capital Reinsurance Company, to Folksamerica Reinsurance Company. The original deal was dated January 10, 2000.

RCHI also announced that its shareholders approved the change of RCHI's name, to be effective with the consummation of the asset sale, to "Arch Capital Group Ltd."