|
PARIS RE ENTERS INTO QUOTA SHARE REINSURANCE AGREEMENT WITH
TRIOMPHE RE LIMITED
Hamilton,
Bermuda, January 2, 2007 – PARIS RE Holdings Limited
(“PARIS RE”) announced the formation of Triomphe Re Ltd.
(“Triomphe Re”), a
special purpose Class 3 reinsurance company domiciled in Bermuda
formed to reinsure certain business written by PARIS RE and its affiliates.
PARIS RE and Triomphe Re have entered into a quota share reinsurance
agreement pursuant to
which PARIS RE will cede to Triomphe Re 24% of the property catastrophe
excess-
of-loss and risk excess-of-loss reinsurance business written by PARIS
RE for 2007
and 2008. The quota share will be collateralized by a trust established
by Triomphe
Re that will include the total capitalization of Triomphe Re, as
well as the ceded
reinsurance premiums received from PARIS RE. Triomphe Re was capitalized
with
approximately $185 million.
Peter Gerhardt, CEO of PARIS RE, commented “Triomphe
Re will provide PARIS
RE dedicated retrocessional capacity for the next two years, enhancing
our ability
to continue to provide catastrophe reinsurance protection to our clients.
Triomphe
Re’s investors will participate in the attractive current market
conditions while being
fully aligned with PARIS RE which is retaining over 50% of the subject
business for
its own account.”
Banc of America Securities, Benfield Advisory and ABN AMRO acted as
the placement agents on the transaction.
About PARIS RE:
PARIS RE is a global provider of
reinsurance solutions through its operating
subsidiaries located in Bermuda, Paris, Miami, Montreal and Zug and,
for space
risks, in Washington D.C. AXA RE Asia Pacific Ltd., based in Singapore,
will join
the PARIS RE Group by July 2007. PARIS RE operates in all lines of
business
including property, catastrophe, casualty, motor, agriculture, aviation/space,
credit/surety, engineering, energy, marine, life and health, special
risks, and
weather covers. At its formation, PARIS RE acquired all of the active
business of
AXA RE. PARIS RE was initially capitalized with $1.6 billion in equity
and
generated approximately $1.6 billion in gross written premium in 2006.
This release shall not constitute an offer to sell or the solicitation
of an offer to buy
any securities, whether in the United States or elsewhere. The securities
have not
been registered under the US Securities Act of 1933, as amended, and
may not be
offered or sold in the United States unless under the Securities Act
or an exemption
there from.
###
Contact Information:
Hans-Peter Gerhardt
PARIS RE Holdings Limited
(441) 292-8498
|
