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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
December 9, 1999
Date of Report (Date of earliest event reported)
Capital Re Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-10995 52-1567009
(State or other jurisdiction of (Commission File (I.R.S. Employer
incorporation or organization) Number) Identification No.)
1325 Avenue of the Americas, New York, New York 10019
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, includingarea code:
(212) 974-0100
Not Applicable
(Former name or former address, if changed since last report)
Exhibit Index is on page 4.
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CAPITAL RE CORPORATION
Item 5. Other Events.
On December 9, 1999, Capital Re Corporation issued a press release which is
included as Exhibits 99.1 hereto.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
99.1. Press Release, dated December 9, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CAPITAL RE CORPORATION
Date: December 10, 1999 By: /s/ Alan S. Roseman
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Alan S. Roseman
Executive Vice President,
General Counsel and Secretary
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INDEX TO EXHIBITS
Exhibit
Number Exhibit Description
99.1. Press Release, dated December 9, 1999.
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Exhibit 99.1
Contact: NEWS RELEASE
David A. Buzen
Chief Financial Officer
Catherine C. Bailey
Director of Communications
212-974-0100
CAPITAL RE CORPORATION
SELLS JOINT VENTURE INTEREST IN ACE CAPITAL RE LIMITED
TO ACE LIMITED
NEW YORK, NY, December 9, 1999--Capital Re Corporation (NYSE: KRE) today
announced the it has agreed to sell its 13.4% ownership interest in ACE Capital
Re Limited to ACE Limited for $15.95 million. ACE Capital Re Limited is a
financial risk insurance company joint venture established in March 1998 by
Capital Re Corporation and ACE Limited. After the completion of the sale, ACE
Limited will own 100% of ACE Capital Re Limited.
Capital Re is a specialty reinsurance group providing innovative solutions to
problems of financial risk and management. Capital Re's two principal divisions,
financial guaranty and financial risks, are engaged in the business of municipal
and non-municipal financial guaranty reinsurance, mortgage guaranty reinsurance,
title reinsurance, trade credit reinsurance and financial solutions.
The statements contained in this release and statements that the Company
may make orally in connection with this release that are not historical facts
are forward looking statements. Actual results may differ materially from those
projected in the forward-looking statements. These forward-looking statements
involve risks and uncertainties and investors are directed to the risks
discussed in documents filed by the Company with the Securities and Exchange
Commission.
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