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Wednesday, June 19, 2013

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Yadkin Valley in N.C. Sold Reinsurance Unit in 4Q

by Paul Davis

JAN 31, 2013 11:46am ET

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Yadkin Valley Financial (YAVY) in Elkin, N.C., sold a reinsurance business during the fourth quarter.

The $1.9 billion-asset company disclosed in a regulatory filing late last week that it sold the business, recording a $1 million loss on the sale. The company did not disclose the name of the unit, the buyer or the actual price of the sale.

Yadkin Valley owned a company called Sidus Reinsurance, located in Greensboro, N.C., last year, according to regulatory filings.

A call to Mark DeMarcus, the company's chief operating officer, was not immediately returned.

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Sidus Financial Reinsurance Limited was a lender owned captive reinsurer.Did it reinsure forced placed homeowners insurance policies?
Google Andrew Barile Consulting Corporation Inc to see articles interviews and textbooks on reinsurance and captive insurance companies.

Posted by Andrew Barile | Saturday, February 02 2013 at 1:18AM ET

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