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Underwriters Re Corp

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BUSINESS
November 24, 1992
Underwriters Re Corp., moving to lower its borrowing costs, said it has signed a definitive agreement for a $100-million credit package from First National Bank of Chicago. Underwriters Re, a Woodland Hills-based provider of reinsurance, plans to use part of the credit facility to redeem 15% senior notes that the company issued in 1988. The debt can be redeemed after Dec. 31. A total of $160 million of the notes were originally issued, and a $102.
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BUSINESS
November 24, 1992
Underwriters Re Corp., moving to lower its borrowing costs, said it has signed a definitive agreement for a $100-million credit package from First National Bank of Chicago. Underwriters Re, a Woodland Hills-based provider of reinsurance, plans to use part of the credit facility to redeem 15% senior notes that the company issued in 1988. The debt can be redeemed after Dec. 31. A total of $160 million of the notes were originally issued, and a $102.
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BUSINESS
January 5, 1993
Underwriters Re Corp., a reinsurer based in Woodland Hills, has redeemed about $102 million of junk bonds to lower its annual debt costs. The move was expected. The company had said earlier this year that it planned to redeem the 10-year, 15% notes, of which $160 million were originally issued to the public in 1988 to help an investor group buy UR from Continental Corp. in New York.
BUSINESS
December 29, 1992 | JAMES F. PELTZ, TIMES STAFF WRITER
Reinsurance is not what you'd call Topic A at dinner parties. It's an unsexy business, not easily understood and filled with companies with odd names that seem accidentally chopped off, such as General Re and American Re. Reinsurance serves a purpose, though. So-called primary insurers that deal with the public, such as Allstate, buy reinsurance so that if they're hit with big claims from a hurricane, flood or some other catastrophe, they can shoulder the cost with another company.
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