American Re Corporation announced yesterday that its subsidiary, Munich American Global Services, Inc., has entered into an agreement for the sale of its subsidiary, Becher & Carlson Risk Management, Inc., which is the holding company for the Becher & Carlson Companies.

The purchasers include Becher & Carlson's management and employees. The terms of the sale, which is expected to close on or about November 10, were not disclosed.

The company is located in Wessex House.

"We are pleased to announce the proposed acquisition. The acquisition will enable the Becher & Carlson family to advance its position as a leader in retail brokerage, risk management consulting and captive management services to large organisations and groups," said Becher & Carlson president Greg Myers.

Becher & Carlson will retain its current trade names, operating structures and management teams.

Becher & Carlson Management Ltd. will continue to manage American Re's Bermuda-based rental captive facilities, Princeton Eagle Insurance Company Limited and Princeton Eagle West Insurance Company Limited, which are accessed by the clients of Munich-American Risk Partners, American Re's alternative market group.

American Re Corporation, a member of the Munich Re Group, is one of the leading providers of reinsurance in the US.

Through its subsidiaries, it writes treaty and facultative reinsurance, insurance and provides related services to insurance companies, other large businesses, government agencies, pools and other self-insurers.

The Munich Re Group, whose business also includes primary insurance and asset management, has a pre-eminent position in the global reinsurance industry. It is headed by Munich Reinsurance Company of Munich, Germany, and includes reinsurance subsidiaries, branches,service companies and liaison offices in more than 60 locations worldwide, serving insurers in more than 150 countries.

Headquartered in Princeton, New Jersey, Becher & Carlson has six offices located throughout the US and Bermuda. Becher & Carlson's client focused organisation is led by a team of professionals skilled in the disciplines most needed by its clients.

Becher & Carlson specialises in providing property and casualty brokerage and insurance consulting services and captive management services.