TRADE CREDIT RE
A Belgian company whose purpose is credit insurance, guarantee insurance and miscellaneous pecuniary loss insurance, both in Belgium and in the principal countries of the European Union.
In 2009, TCRe’s development continued: gross premiums increased by 14.90% to EUR 37.7 million. The growth in TCRe’s core business (“excess of loss” credit insurance) was more pronounced: EUR 23 million of gross premiums, an increase of 68%. This growth was admittedly boosted by the world-wide commercial credit crisis, but also by TCRe’s growing reputation in the European market.
The progression, already perceived during the last quarter
of 2008, was maintained throughout the 2009, despite an
even stricter risk-selection policy. This resulted in a controlled
claim rate, especially in relation to the traditional credit
insurance market as a whole. During this fifth business year,
TCRe was able to balance its consolidated accounts, despite
some sizeable write-downs on certain assets.
Following the absorption of Berger Management by TCRe, the latter’s capital slightly increased and Compagnie du Bois Sauvage now has a 26.41% holding compared with 26.30% in 2008. The other shareholders are: the Management, the Office National du Ducroire (ONDD), the Office du Ducroire Luxembourgeois, Fortis Venturing Stake BV and a private shareholder.
|
|---|
