BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
MORRISTOWN, N.J.-Mercantile & General Reinsurance Co. of America will be merged into Toa-Re Insurance Co. of America under terms of a deal announced last week.
Toa-Re of America's parent, Tokyo-based Toa Fire & Marine Reinsurance Co. Ltd., agreed to buy M&G America's outstanding stock from its parent, Swiss Reinsurance Co., in a transaction valued at about $200 million.
The Morristown, N.J.-based reinsurance companies, which had combined premiums of $103.9 million in 1996, have operated under common management since 1982, when Toa-Re of America was created, explained William L. Munson.
Mr. Munson serves as chairman, president and chief executive officer of Toa-Re as well as president and chief operating officer of M&G America.
The anticipated price on the deal, expected to close by year end, is based on M&G America's $193.8 million book value as of Dec. 31, 1996, plus interest, less any appropriate closing adjustments, according to Mr. Munson.
Swiss Re acquired Mercantile & General Reinsurance Co. P.L.C., including M&G Re's operations in the United States, from Prudential Corp. P.L.C. last year (BI, Sept. 2, 1996).