SOURCE: U.S. RE Companies, Inc.

February 17, 2009 09:00 ET

U.S. RE to Enter Brazil Market

PEARL RIVER, NY--(Marketwire - February 17, 2009) - U.S. RE, the international financial services and reinsurance brokerage firm, announced plans to form a reinsurance broker subsidiary in Sao Paulo to serve the insurance industry in Brazil. The announcement was made by Tal P. Piccione, U.S. RE Chairman and CEO.

The new company, U.S. RE do Brasil Corretora de Resseguros, Ltda. (U.S. RE Brazil Reinsurance Broker, Ltd., LLC) will offer all categories of reinsurance, including proportional, facultative, excess-of-loss, and catastrophe protection to insurers in Brazil.

"We're proud to bring new capacity and global expertise in reinsurance placement to Brazil," Piccione declared. Massimo Dominici, a prominent insurance broker in Brazil, will represent U.S. RE in the Sao Paulo office.

Legislation recently was enacted to permit foreign reinsurance brokers to do business in Brazil. "By combining U.S. RE's international experience and access to worldwide reinsurance markets with the Dominici Group's strong presence in Brazil, we will provide innovative, competitive products to the Brazilian insurance industry," Piccione stated.

Riccardo Nicolini, U.S. RE Senior Vice President and head of U.S. RE's international activities, said, "We're excited about the opportunity to bring our international experience and technological resources to clients in Brazil." He pointed out that in addition to a highly professional team of reinsurance brokers with years of global experience, U.S. RE provides clients with actuarial services, catastrophe modeling, and the latest financial modeling capability.

The U.S. RE Group is an international financial services firm with interests in reinsurance brokerage; program business; investment banking; risk retention group, captive, claims, and risk management. The company headquarters is in Pearl River, New York, with offices in Atlanta; Hamilton, Bermuda; Basel, Switzerland; Copenhagen, Denmark; Istanbul, Turkey; and Mauritius.

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