"TRADE CREDIT RE CARRE", REINSURANCE COMPANY, OPENS IN LUXEMBURG. December 2005

TCRe Insurance Company has created a subsidiary named Trade Credit Re Carré (TCRe2 for short).  This Luxemburg based company enjoys the status of a reinsurance company and is approved by the regulatory authorities of its country. As a wholly owned subsidiary of TCRe, TCRe2 will operate as a reinsurer in the same branches of insurance as its parent company : credit, bonds and various financial losses.

The creation of TCRe2 enables TCRe to complete its range of products, offering its clients the possibility of financing all or part of their risks within a structure devoted specifically to this purpose. The specific Luxemburg legislation in respect of reinsurance is applied.

Claude Stiennon, Managing Director of the new entity, commented: "The creation of TCRe2 follows on from the vision which led to the establishment of TCRe. Our fundamental philosophy is in fact to enable companies to develop their ability to manage their own credit risks. We respect the autonomy of our partners. The activities of TCRe2 will operate in perfect harmony with its parent company",

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