Press Release Details
SL Green Realty Corp. Launches Captive Insurance Company
October 10, 2006 - SL Green Realty Corp. (NYSE: SLG) announced today that it has formed Belmont Insurance Company, an insurance captive. The captive, which received licensing from the New York State Insurance Department, was formed to insure a portion of certain risks of SL Green pursuant to captive legislation that was enacted in 1997. It is currently licensed to write up to $100 million of coverage for SL Green.
Through Belmont Insurance Company, SL Green will be able to tailor insurance coverage to its specific needs via underwriting and retention customization, direct access to reinsurance markets for wholesale premium quotes, greater control over claims and creative incentives for loss control.
"While there is sufficient capacity in today's insurance markets to cover property and general liability, we have formed this captive as a means of providing our company with options and flexibility for the future." stated Marc Holliday, President and CEO of SL Green. "Our decision was in response to our continuing ongoing focus on risk management."
Mr. Holliday added, "After evaluating various venues, we decided to domicile the captive in New York State. As a result of the New York State Department's streamlined registration procedures, we were able to form the captive quickly and efficiently."
Howard Mills, Superintendent of Insurance of New York State Insurance Department, stated, "We are pleased that SL Green, Manhattan's largest owner of commercial office properties, chose to locate its insurance captive in New York State. We applaud their decision to take advantage of the state's legislation permitting business owners to take a greater degree of control over insuring their risks."
About SL Green Realty Corp.
SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages a portfolio of Manhattan office properties. As of September 30, 2006 the Company owned 27 office properties totaling approximately 18.4 million square feet. SL Green's retail and development space ownership totals approximately 440,000 square feet at eight properties. The Company is the only publicly held REIT that specializes exclusively in this niche.
To be added to the Company's distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at 212-216-1601.
CONTACT
Gregory F. Hughes
Chief Financial Officer
(212) 594-2700