SOURCE: U.S. RE Companies, Inc.

March 17, 2008 09:00 ET

U.S. RE Expands European Operations -- Forms New Subsidiary to Serve EU

PEARL RIVER, NY--(Marketwire - March 17, 2008) - U.S. RE, the international financial services company, is expanding its European operations, Tal P. Piccione, Chairman and Chief Executive Officer, announced today.

The Company has formed a new subsidiary, Euro RE Aps, licensed by the European Union to do business across the Continent. "The new company will serve as our trading entity in EU countries," Piccione said. "We're pleased that Mark Lucas, Managing Director of U.S. RE-Europe for the last 13 years, will head up Euro RE Aps."

Piccione also announced the opening of a new brokerage office in Copenhagen, Denmark, with Carsten Tornbo as Reinsurance Broker. Tornbo, an experienced reinsurance executive, has been serving as a consultant to U.S. RE-Europe and will assume responsibility for the new office.

Headquarters for Euro RE Aps will be operated in tandem with U.S. RE-Europe based in Basel, Switzerland, both under the direction of Mark Lucas. "Mark has done an outstanding job over the years in building our business in Northern Europe," Piccione commented. "We're confident that with his leadership, Euro RE Aps will serve insurance and reinsurance companies in more countries throughout the EU."

U.S. RE Companies, Inc. provides reinsurance brokerage, and consulting services through its subsidiary U.S. RE Corporation with offices in New York, Atlanta, Bermuda, Basel, and Istanbul.

Uni-Ter Underwriting Management Corporation, a member of the U.S. RE Group with headquarters in Atlanta, is a leading provider of liability insurance to the healthcare industry through Risk Retention Groups that operate in 45 states. Other members of U.S. RE Companies include U.S. RE Securities LLC, U.S. RE Risk Alternatives LLC, and Uni-Ter International Insurance Company, Ltd.

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