Imagine Completes Greenwich Acquisition; Expands Global Operations

December 16, 2003

The Imagine Group announced from its Barbados headquarters that it has completed the acquisition of a two-thirds equity interest in Greenwich Managing Agency at Lloyd’s.

The bulletin said Greenwich would be renamed “Imagine Underwriting Limited, to reflect the change of control.” Imagine also said it has “increased its participation in the agency’s Syndicate 994 to 100 percent for the year 2004 (a commitment of approximately GBP 20 million [$34.4 million]) and received approval from Lloyd’s for the Syndicate’s new business plan, allowing it to underwrite specialty coverages consistent with Imagine’s businesses.”

Group President & CEO Brad Huntington stated, “Our goal is to be a pre-eminent specialty reinsurance and insurance group. The completion of this significant acquisition is the result of the successful execution of a consistent strategy and focus. In addition, to this acquisition, we have completed a number of other significant initiatives which will expand our business and solidify our position as a market leader.”

Imagine also recounted some other recent “growth initiatives” it has taken. These include:
— The acquisition of PMA Re’s Renewal Rights. “PMA Capital Corporation reached a definitive agreement with Imagine, which allows Imagine to actively novate and renew all of PMA existing finite business to Imagine,” said the announcement. “The portfolio includes an in-force value of $333 million at November 1, 2003. Under the agreements, all business transferred to the Imagine Group is subject to Imagine’s comprehensive review and underwriting processes and standards.”

— Establishment of a European Insurance Operation. “Imagine incorporated Pillar Insurance Company Limited (“Pillar”) in Gibraltar and received regulatory approval to write direct business under a number of classes of business in all 15 European Union countries,” said the bulletin. “This new business allows Imagine to offer specialty insurance products to its clients in Europe.”

–Opening of a New Group Office in Australia. “The Imagine Group recently opened an office in Sydney to service the Australian market, under the name Imagine Group (Australia) Pty. Ltd, a licensed foreign insurance agent under Australian regulations. ”

–Approval for New Barbados Segregated Cell Company (SCC)*. The company said that the “the government of Barbados approved the commencement of operations of Imagine Reinsurance SCC. The new company will assist clients in protecting their insurance assets and liabilities in a protected cell structure.”

*Ed Note: A “Segregated Cell Company” is similar in structure to a sponsored captive. It permits a number of companies to use the structure without risk of losses from claims against other insureds.

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