Contact Information: For more information, contact: Mechlin Moore MDM Communications Tel: 845-920-7081 Email:
U.S. RE Licensed in Brazil as Part of International Expansion
| Source: MDM Communications
PEARL RIVER, NY--(Marketwire - October 7, 2009) - U.S. RE Companies, Inc., the international
reinsurance brokerage and financial services firm, has today been approved
by the Brazilian regulatory authorities to launch the Company's new
subsidiary, U.S. RE Do Brasil Corretora de Resseguros, LTDA, as a
reinsurance broker with offices in São Paulo.
Approval of the new office in Brazil followed yesterday's announcement that
U.S. RE has entered into a strategic alliance with Bruno Sforni S.p.A., a
leading insurance and reinsurance broker in Milan, Italy.
"U.S. RE is on the move as we create new offices in Latin America, Europe
and elsewhere," said Tal P. Piccione, Chairman and Chief Executive Officer.
"We long have had a strong presence in Europe with our head office in
Basel, Switzerland, and we have had an office in Istanbul, Turkey for
several years. Last year, in addition to establishing an office in
Copenhagen, Denmark, the Company took its first step in Africa with the
opening of an office in Mauritius. Over the years, U.S. RE has done
business in Japan, and we're looking to extend our presence in Asia,"
Piccione added.
"As one of the largest independent brokers operating globally, U.S. RE is a
formidable competitor. We're moving aggressively to grow our business in
the United States and around the world along with investing in technology
and actively exploring acquisition opportunities," Piccione declared.
U.S. RE Do Brasil Corretora de Resseguros, LTDA (U.S. RE Brazil Reinsurance
Broker, LTC, LLC), will be headed by Massimo Dominici, a prominent broker
in São Paulo. "With recent enactment of legislation opening Brazil to
foreign reinsurance brokers, we're pleased to bring this growing market
U.S. RE's expertise and access to worldwide reinsurance," Piccione said.
Riccardo Nicolini, Senior Vice President of International Operations, said
U.S. RE Do Brasil will offer all categories of reinsurance including
proportional, facultative, excess-of-loss, and catastrophe protection to
insurers in Brazil.
The office is located at Rue Manuel da Nobrega N.° 111 - Conjunto 112, Cep
04001-080 Vila Mariana - São Paulo, Brazil; Tel: +55 11 3262-1670; Email:
inbroker@terra.com.br.