INSURANCE BRIEFS

INSURANCE BRIEFS

AM-RE TO MARKET

EMS CLEANUP PRODUCTSPRINCETON, N.J. - Am-Re Services Inc., a subsidiary of American Re-Insurance Co., will market products offered by Environmental Management Strategies Inc., (EMS) to the reinsurance company's clients.

The North Brunswick, N.J.-based EMS specializes in cleaning up soil, sludge and groundwater contamination with chemical products that break down the organic compounds of contaminants, including petroleum hydrocarbons and polynuclear aromatic hydrocarbons, said EMS' president Thomas K. McNeil.

The object of the marketing arrangement is to "reduce the cost and liabilities associated with site contamination" for the reinsurance company's clients, said Stuart W. Ferguson, vice president of Am-Re Services' technology transfer department.

LA. INSURANCE FRAUD

YIELDS PRISON SENTENCE

NEW ORLEANS - A former state Insurance Rating Commission member who cooperated with federal authorities in their investigation of fraud in Louisiana's insurance industry, has been sentenced to two and a half years in prison and fined $300,000 for fraudulently operating and looting a now-defunct insurance company.

Frances Pecora, who faced up to 30 years in prison and a $1 million fine, was sentenced Wednesday to 30 months in prison on each of three counts, but will serve the time concurrently.

Ms. Pecora, secretly pleaded guilty to the charge on Sept. 22, 1992. The plea was placed under court-ordered seal until it was made public in January.

She and her son were indicted on Nov. 8, 1991 on a host of charges stemming

from their alleged fraudulent operation of Certified Lloyd's Insurance Co.

SENECA RAISES MILLIONS

THROUGH 4 INVESTORS

NEW YORK - Seneca Insurance Co. has raised $10 million through private

investments, raising its surplus to about $35 million, the insurance company said.

The new investors are J.P. Morgan Capital Corp., National Reinsurance Corp., Boston Insurance Investors Inc. and the Third Avenue Value Fund, said Douglas M. Libby, Seneca's president and chief executive.

Seneca provides insurance for domestic and international boiler and

machinery and electronic equipment insurance and other specialty commercial lines.

J.P. Morgan Securities, an affiliate of J.P. Morgan Capital Corp., was the investment banker in this transaction.

ISO CHIEF TO SPEAK

AT CPCU LUNCHEON

NEW YORK - Fred R. Marcon, president and chief executive of Insurance Services Office here, will be the speaker at the New York chapter of the Society of Certified Property and Casualty Underwriters' annual conferment luncheon.

About 47 designees will receive their CPCU degree at the luncheon at the Broadway Ballroom, New York Marriott Marquis Hotel, Wednesday at 11:45 a.m.

Ron Judd, a consultant to American International Group, will receive the 1993 Matthew J. Lenz Jr. Risk Management Award.

For more information, call (212) 962-5620.