Trade Credit Re doubles its capital 22-06-2005
As planned, the Compagnie du Bois Sauvage invested another EUR 2,5 million in the Belgian insurer Trade Credit Re. Its participation remains stable at 25%.
Press release of Trade Credit Re
As originally planned, Trade Credit Re's shareholders, have increased the company's capital from the initial 10 million euros subscribed at the launch of the company, to 20 million euros.
To date, the capital subscribed by the current shareholders can be broken down at 5 million euros from Office National du Ducroire, 5 million euros from Compagnie du Bois Sauvage, 5 million euros from Fortis Venturing, 2,5 million euros from L'Office du Ducroire Luxembourgeois and 2,5 million euros from the management
To support the international development of TCRe, the capital will be increased gradually to 100 million euros over 5 years, partly through investment and partly through self-financing.
The range of services offered by TCRe was, since its inception, already available in Belgium, Luxembourg, France and Italy via a network of brokers selected for their technical know-how, experience, professional ethics, and their ability to listen to the client.
Hardly 4 months after its official launch, Trade Credit Re has already been able to account for a turnover exceeding 15 million euros, and enjoys a positive market reaction in response to its original and exclusive offer, particularly in Italy and Spain.
The company has therefore decided to speed up its international expansion, under the form of General Agencies. The General agents will be local professionals in the field of insurance, reinsurance and/or the management of inter-company credits. They will be given continuous training and offered substantial support by the parent company. They will be responsible for providing the local insured and brokers with an efficient and high quality level of service, governed by strict underwriting and commercial guidelines and underpinned by cutting edge technology.