SOURCE: U.S. RE Corporation

U.S. RE Corporation

August 23, 2011 15:24 ET

U.S. RE Appointed to Place Reinsurance for Turkish Insurance Catastrophe Pool

PEARL RIVER, NY--(Marketwire - Aug 23, 2011) - The Turkish Catastrophe Insurance Pool (TCIP) has appointed U.S. RE Corporation along with its Turkish partner, Türker Insurance and Reinsurance Brokers, as one of the Consortium Brokers to place reinsurance for the Pool's earthquake risk, Joseph Fedor, U.S. RE Executive Vice President, reported.

TCIP, a quasi-governmental entity, was created by the Turkish government to provide basic insurance protection against household's property losses caused by earthquakes and purchases protection for itself up to a limit of EUR 1.8 billion. "This makes the TCIP reinsurance program one of the largest in the world," Fedor said.

"We're pleased to be selected by TCIP and will apply our extensive experience in placing catastrophe protection in disaster prone areas including Florida to this important assignment," said Tal Piccione, Chairman and CEO of U.S. RE Companies, Inc.

U.S. RE Companies is a financial services firm with interests in reinsurance brokerage; underwriting, risk, and claims management; program business, analytics, consulting, and investment banking. U.S. RE Corporation, the brokerage subsidiary, is one of the largest independent reinsurance brokers active in the global markets.

U.S. RE has been appointed by TCIP as one of the consortium members along with Willis Re and Guy Carpenter. The U.S. RE project team is composed of Fedor; Marc Piccione, Vice President; and Eray Turker U.S. RE Country Manager in Turkey.

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