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Chevron acquired its Union Excess stake through its merger with Texaco -
which invested through a Bermuda-based insurance unit, Heddington Insurance
Ltd., in 1993, the year Union Excess was founded, Chevron spokesman Andy Norman
said. Records show Heddington also owned about 10% of Richmond, another offshore
reinsurer whose financial results AIG has said it will consolidate with its own.
Heddington's former president and chief executive is Robert C. Golden, an
insurance-industry veteran who previously headed Texaco's risk operations and
served on boards, including at XL Capital Ltd. Mr, Golden also is listed as a 1% owner of Richmond in a 1986 share register obtained by newsletter KYC News.
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