For Immediate Release August 23, 2004
New York, NY and Istanbul, Turkey - U.S. RE Companies, Inc. has entered into a joint venture with Baris Insurance & Reinsurance Brokers of Istanbul, Turkey, and will open a liaison office in Istanbul. Tal P. Piccione, Chairman and Chief Executive Officer of U.S. RE, and Ergun Turker, General Manager and Chief Executive of Baris made the announcement.
U.S. RE Companies, Inc., based in New York, is an international financial services company with interests in reinsurance brokerage; underwriting, captives, claims and risk management; investments; and merchant banking. Baris Insurance & Reinsurance Brokers, AS, headquartered in Istanbul, is the oldest and largest domestic insurance and reinsurance broker in Turkey.
"We are very pleased to join forces with Baris. Turkey's insurance industry is growing faster than any other in Europe or Asia, and we are proud to be involved with the Country's first and largest indigenous broker," said Mr. Piccione. "Our relationship with Baris has been formatted to facilitate a unique level of professionalism in meeting the reinsurance needs of insurers in Turkey. In short, our emphasis is to work very closely together with Turkish clients on all aspects of reinsurance. At the same time, we are committed to bringing the overall firepower of the U.S. RE Group to bear on our partnership. This will also include capabilities stemming from our captive and related enterprises, which assist corporate insurance buyers in facilitating alternative risk transfer mechanisms," he added.
"As the first broker to be licensed in Turkey," Mr. Turker said, "we remain deeply committed to the important role the insurance industry plays in Turkey and our Company's relative position in the market. We are delighted that U.S. RE shares our vision of the vast development opportunies in the Turkish insurance arena. We are also excited over U.S. RE's commitment to the transfer of technology with our venture, inclusive of facilitating the deployment of reinsurance mechanisms and other products designed to assist the growth of our local industry while strengthening the bond with reinsurers. U. S. RE's creativity is renowned as is its commitment to the international arena in which it is one of the largest players."
For more information, contact Mechlin Moore, MDM Communications (tel. 239-777-1595; email mmoore7412@aol.com ).
