Services Group and has offices in Bermuda, announced yesterday that one of its companies has written a surety bond in connection with a $130.4 million debt financing.

This transaction is part of a $140 million acquisition by a company of a portfolio of 20 assisted living facilities from HCR ManorCare.

The geographically diversified portfolio includes assisted living facilities in 11 states, with properties for Alzheimer's residents, as well as for the frail elderly.

Simultaneously with this purchase, Alterra Healthcare Corporation, Inc. has agreed to lease and manage these properties.

Alterra is America's largest operator of assisted living residences designed for the frail elderly and for individuals with Alzheimer's disease and other memory impairments.

Formation Capital arranged the transaction and Greenwich Capital Financial Products, Inc. is providing the underlying debt financing. "Centre's participation in this transaction provided liquidity to enable the rapid completion of a large transaction at a time of illiquidity in the capital markets for health care real estate transactions. We believe that Alterra is a leader in the field of assisted living and are pleased to facilitate long-term financing for this geographically diversified portfolio of properties,'' said David Wasserman, Chief Executive Officer of Centre. "This continues Centre's tradition of using insurance in innovative ways. We have recently completed similar transactions for other asset classes including nursing homes, other commercial real estate, aircraft and ships, and financial assets.'' ACE & XL AID AON RE DEAL BUC ACE & XL aid Aon Re deal Aon Corporation (Aon) announced that its global reinsurance intermediary, Aon Re Worldwide, has completed a major quota share reinsurance programme for Employers Insurance Company of Nevada. The transaction reinsures all losses incurred prior to July 1, 1995 up to a limit of $2 billion.

This transaction brings Employers Insurance Company of Nevada one-step closer to its anticipated reorganisation into a private mutual insurance company, effectively removing the State of Nevada from the business of workers' compensation insurance.

Aon Re, who has served as Employers Insurance Company of Nevada's reinsurance advisor for many years, structured and placed the transaction, which was led by the Financial Products group of Gerling Global with supporting participation from Bermuda-based XL Mid Ocean Reinsurance and ACE Insurance Ltd.

David M. Kelley, vice chairman of Aon Re Inc. (Aon Re Worldwide's US operation) said, "Employers Insurance Company of Nevada's privatisation efforts created a very exciting and challenging opportunity for Aon Re to be a part of an industry first -privatising a state agency into a new mutual insurance company.

This unique transaction was made possible for our client by our entrepreneurial approach and the leverage of Aon's vast resources.''