purchase of the US operating subsidiaries of Nobel Insurance Ltd. for a cash purchase price of $54.1 million and a limited recourse note of $8.9 million to support the liquidation of Nobel Insurance.

The principal US operating subsidiaries, Nobel Insurance Co. and IAS/CatCrew Inc., will continue to conduct business under their current names as subsidiaries of Renaissance US Holdings, Inc.

Nobel's businesses include the underwriting of personal lines property coverage for low-value dwellings and commercial casualty risks for specialised industries.