TORONTO, March 16, 2006 (PRIMEZONE) -- Steve Hamilton, President of Reliant Insurance SCC. (OTCBB:RHWC) is pleased to announce the formal execution and delivery of Reliant's re-insurance treaty with Brit Insurance. Hamilton made the announcement on his recent return from extensive negotiations with Brit at their global headquarters in London over the timing of the launch.
The Brit re-insurance will provide default payment coverage for mortgages in the Canadian market originated and held under service by Reliant. It is estimated that the value of Reliant non-prime mortgage origination in the Canadian Market will rise to 20 billion dollars for 2006.
Brit is a leading and profitable U.K.-based international general insurance, re-insurance and investment Group listed in the FTSE 250 with a market capitalisation of GBP 847m as at 13 June 2005. Brit's subsidiary, Brit Insurance Limited, is a member of the Association of British Insurers and is Financial Services Authority authorised and regulated and has insurer financial strength ratings of A+ (Strong) by Fitch Ratings and A (Excellent) by A.M. Best.
Hamilton concluded with the comment that "Brit has absolute confidence in Reliant, and our underwriting and risk management systems and we are very pleased with our relationship."
For more information on the Reliant programs visit the Web site at www.relianthwc.com.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical facts may be forward-looking statements. Forward-looking statements are based on expectations, estimates and projections at the time the statements are made to involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. For a summary of such risks and uncertainties, see the Company's periodic reports and other filings with the Securities and Exchange Commission.