"Since we don't like belonging to the losers, we set up an insurance operation."
The proceeds will be used in Travelers' insurance operations.
But the company also recognized a potential liability of $50 million that could be applied to insurance operations.
Monarch Capital is a financial services company with brokerage, money management and insurance operations.
Soon the Company started its insurance operations in both Life & General business.
A collapse in the company's securities and insurance operations could drag down its commercial bank.
As president, he will be responsible for worldwide general insurance operations.
Profit in its insurance operations was $10.9 million, compared with a loss of $6.6 million a year earlier.
Each syndicate is made up of members, called names, who provide capital to finance Lloyd's insurance operations.
Since then, the company has closed its national insurance operation, sold 15 hospitals and cut 2,000 jobs.
