In common with many other insurance and reinsurance companies, Bermuda-headquartered Imagine Insurance Company Limited has reported record financial results for 2002, including net income ahead by 94 percent.

The company received a $100 million capital injection late last year and has acquired an option to purchase two-thirds of the equity and voting interest in the Greenwich Managing Agency, a managing agency at Lloyd's of London.

Separately, Brad Huntington has been appointed president & CEO of the Imagine Group. He founded Imagine in October 2000 with Thomas Gleeson, who has left the company to pursue other interests.

Mr. Huntington and Mr. Gleeson had worked together at Centre.

"We wish Tom well," Mr. Huntington said.

The company also announced a re-focusing of the Imagine Group's insurance and reinsurance operations under the original "Imagine" mark and the termination of any intended usage of the "Vision Re" mark.

The company had previously announced plans to use the Vision Re brand in its operations, but has returned to the exclusive use of the equally evocative Imagine mark.

Commenting on the company's financial performance results, George Gleadall, chairman of the Imagine Group, said: "We are very pleased with our results in 2002.

The hardening of the insurance markets, a disciplined approach to underwriting, and focused professionals all contributed significantly to these results."

Mr. Huntington said: "During the first two years of operations, we have demonstrated an ability to generate significant profits while prudently controlling risk. This has been achieved in an environment that has contained numerous financial and underwriting challenges for insurance and reinsurance groups. The financial results are the direct consequence of significant efforts by our worldwide team of professionals, and I would like to thank them all for their contributions."

The Imagine Group was founded in October 2000 as a second-generation finite-risk reinsurance enterprise whose goal is to become the leading provider of structured insurance and reinsurance capital to the global insurance marketplace. Its majority shareholder is Brascan Financial, a North American-based real estate, power generation and asset management company.

"We have indeed had an excellent 2002, and I expect that the company will continue its good performance into 2003," Mr. Huntington said in an interview. "Part of it is good execution following the events of September 11, 2001, which had such a dramatic effect on our industry."

Insurance and reinsurance premiums soared after September 11, spawning the investment of some $25 billion in the global re/insurance sector, the lion's share of which came to Bermuda.

"From a financial perspective, if you had a clean balance sheet, this industry has been a good place to be since that awful day," Mr. Huntington said.

Imagine had no exposure to the events of that day, nor the various credit-related events that have followed. "We have been following the business plan for which the company was founded," Mr. Huntington said.

The company reported net income for the year ended December 31, 2002 of $28.5 million, approximately double its 2001 net income of $14.7 million. Imagine's net underwriting income almost tripled to $29.0 million in 2002, from $10.5 million in 2001.

At December 31, 2002, total assets and consolidated shareholders' equity stood at $930 million and $350 million, respectively.

The injection of a further $100 million by shareholder Brascan "represents a huge vote of confidence in the management team," Mr. Huntington said.

Imagine's option to acquire a 66.67 percent equity and voting interest in the

Greenwich Managing Agency will give Imagine access to and insight into the London market, while ensuring control of the underwriting process to Imagine's usual standards, Mr. Huntington said. The exercise of the option is subject to receipt of various regulatory consents.

The Imagine Group is headquartered in Bermuda, with a sizeable office in Wildey, Barbados, where Mr. Gleadall is based. The group also has offices in Dublin, Copenhagen, New York and St. Louis.

In July 2001, Imagine acquired Enterprise Reinsurance Holdings Corporation, a reinsurance group with consolidated shareholders equity exceeding $100 million.

Imagine Insurance Company Limited is rated A (Strong) by Fitch IBCA and A-(Excellent) by A.M. Best.

Brascan owns, lends to and manages assets and businesses both directly and for institutional and retail investors. With $15 billion of invested capital and $25 billion of managed assets, current operations include 55 premier properties and 38 power-generating facilities.