Business Services Industry

Updates; Quanta, Chaucer discuss joint venture.(Paris Re Holdings Ltd)(Quanta Capital Holdings Ltd)

Business Insurance, June, 2006

Quanta Capital Holdings Ltd. has signed heads of agreement with Chaucer Holdings P.L.C. to establish a Lloyd's of London managing agency, Pembroke Managing Agency Ltd., to manage Quanta's syndicate 4000. Quanta last month announced that most of its operations would go into runoff but said it would continue to support the speciality lines syndicate, which was established in late 2004 and has capacity of u82 million ($151.1 million) for 2006.

Pembroke will be a joint venture between Quanta, Chaucer and the underwriting team of the syndicate. Chaucer-whose managing agency, Chaucer Syndicates Ltd., previously managed syndicate 4000-will provide up to 10% of capital needed to support the syndicate's underwriting for 2007. Swiss Re places cat bond program Swiss...

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