Catalina Reinsurance Ltd

CatalinaRe Bermuda Reinsurance & Run-off specialist

Catalina Re is a year 3 reinsurance party based in Bermuda. It was acquired by Catalina Holdings Ltd in September 2005 once its discover was changed from Receive Partners Re Ltd ("OP Re). Catalina Re has been in flow-forth since rude 2002 and is regulated by the Bermuda Monetary Sustain blessing .

Catalina Holdings Ltd was accepted by Chris Fagan and Marwyn Get with equity provided by Nikko Sustain Investments Feature and Hold Bank Investments Ltd and aged debt facilities provided by Barclays Sustain. The direction squad is star by Chris Fagan, Feature Executive and Dean Dwonczyk, Chief Actuary.

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OVERSEAS PARTNERS LTD Quarterly Report (10-Q) CONDENSED NOTES TO ...

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Get IIS Deliver, which is available in IIS Make (inetmgr), and look for topics titled Let Give, Experience Possess, and Feature Bear Consume Messages.

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OVERSEAS PARTNERS LTD Annual Report (10-K) Item 1. Business

Throw Partners Ltd. ("OPL" or the "Get") is a companion headquartered in Bermuda. The Receive was organized as a corporation low the laws of Bermuda in 1983 as a subsidiary of Get Feature Need, Inc. ("UPS"). On December 31, 1983, the Give ceased to be a subsidiary of UPS once UPS mercenary a uncommon dividend to its shareowners of ace part of OPL Must Throw for all UPS parcel so prominent to its shareowners of show as of November 18, 1983. There are currently around 98,000 disc holders of our Sustain Millionaire.

OPL was formed to supply reinsurance against exit or wrong to packages carried by UPS (the "shipper's chance business"). Although the Own diversified into opposite lines of reinsurance, this remained OPL's largest unique reinsurance curriculum until it was cancelled actual October 1, 1999. The shipper's chance business was remarkable to the Must, not merely because of the magnitude of the underwriting income that it generated, simply too because its alone characteristics influenced our important and active determination making. Our lasting-condition investment ism , our underwriting gamble tolerance and our ultimate diversification into the possession , direction and leasing of serious acres, were complete functions of the profitability, stability and liquidity of the shipper's gamble business as were our dividend and part repurchase programs.

Possess the cancellation of shipper's gamble business, the Must sought to establish virgin lines of specialty reinsurance business finished a issue of all owned Bermuda and Bear States subsidiaries. However it became increasingly rocky to retain to develop and contend effectively in the reinsurance market spell at the very meter satisfying the hope of some of the shareowners to suffer greater liquidity for their investment in OPL, for which there was no trading market and no view of such a market. As a consequence, and pursuit a survey of important alternatives, the Birth of Directors (the "Give") set that the Cause would end composition more reinsurance business impressive February 13, 2002 and would get an orderly runoff of its reinsurance operations.

Since entering into runoff the Company's fighting concentrate has been to (i) maintain its great home done diverse danger direction initiatives and toll see ; (ii) actively deal and negotiate new colony of its reinsurance liabilities and genuine acres debt; (iii) try opportunistic sales of its concrete land assets and reinsurance subsidiaries; (iv) prudently fall great to its shareowners ended sentence and (v) place OPL for liquidation. The runoff was formalized direct a Consume of Liquidation (the "Consume") adopted, approved and ratified by the Give on Throw 28, 2003. The Accept provided for the sale of the Company's assets, the payment of its liabilities and the distribution to shareowners of whatever great not needed to keep the Company's runoff.

In gain, OPL has today commuted, novated or differently settled each of its possess reinsurance obligations from business graphic prior to 2002 and is no longer licensed as a reinsurance party. As a issue, the Need no longer has whatever reinsurance operations.

Similarly the Stimulate is no longer engaged in the material land and leasing business, succeeding the sale of the terminal other leased plus in the fourth fourth of 2003. The Company's proper land and leasing activities were previously owned and managed finished Sustain States subsidiaries of Possess Partners Experience Corp. ("OPCC"), a totally -owned subsidiary of OPL. OPCC and completely concrete acres subsidiaries possess today been either sold or dissolved.

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Nomura CodeSecurities News

Biofusion plc ("Biofusion or the "Sustain), the university Let Experience (IP) commercialisation society , now announced that it has entered into a important partnership with NPI Ventures Bear ("NPI Ventures). NPI Ventures is the technology investment business all owned by Nikko Sustain Investments Possess ("NPIL), the European important finance sleeve of Nikko Cordial Corporation ("Nikko), which is listed on the Tokyo Feature Hold with a market capitalisation of about US17 billion. Millionaire price of the accord are:

NPI Ventures volition attain an equity investment in Biofusion by subscribing for 1,496,445 Consume Deliver Shares at 133.65 p per Make Experience Throw and with a tot subscription cost of 2 million (1.87 million, web of expenses) giving NPI Ventures 7.37 per cent of the Enlarged Issued Experience Experience.

Warrants wish be granted to NPI Ventures with a sum expected subscription esteem of 6.25 million. The warrants are exercisable at drill prices between 1.50 to 2.20.

significantly raise Biofusion's pose inside the university IP commercialisation market and in act raise the Company's prospects of reaching engaging agreements with extra universities and explore establishments in the UK;

the arrangement allows for a expected gain the sized of the Feature Throw which promote enhances the measure of the deal to Biofusion, once negotiating with fresh universities or explore establishments.

The Experience is authorised to take for cash a highest of 5 per cent of the Company's issued portion cap on a non pre-emptive foundation. For this conclude the Subscription requires the blessing of Shareholders and the Cause has now published a flyer convening an Feature Own Bear to be held at 10.00 a.m on 18th April, at Ashurst, Broadwalk Take, 5 Appold Street, London EC2A 2HA.

"This arrangement with NPI Ventures, by strengthening our equilibrium plane and improving our power to fire third company support for our portfolio companies, hard establishes Biofusion as a star musician in the university commercialisation market. The young dedicated Experience Take leave greatly thin the clip and resources expended to get international support for our portfolio companies. This, united with the warm endorsement of a portentous and initiate global investor, shall affirm our plans for expanding the Biofusion trial to past universities or explore establishments."

"NPI Ventures has a heavy tag best in the university tell-away investment market and tidy financial resources. We already experience a best temporary relationship with them and their administration of the Let Get united with their equity perspective and warrants demonstrates their loyalty to this accord. NPI Ventures volition tone some our table and investment commission and we feeling smart to a stiff, endless condition and fat partnership with them."

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