Reassurance d'Ile France (Corifrance).

Corifrance is the new subsidiary of the Bermuda-based Terra Nova Group, whose Terra Nova Insurance Co. Ltd. of London, England was the subscriber of the additional capital.

The capital and free reserves of Corifrance now total an estimated $43 million.

The Corifrance board has just taken on two new directors. Jacques-Henri Gougenheim recently retired as chairman of Banque Worms and previously held senior executive positions at Union des Assurances de Paris (UAP).

Henri Moulard is chairman of ABN AMRO France and chairman of Banque de Neuflize Schlumberger Mallet et Cie.

Corifrance chairman Eric Vemhes said, "Following the acquisition of the company by the Terra Nova Group in September, the group has moved quickly to add further strength to the balance sheet of Corifrance for the benefit of present and future clients.

"The access that Corifrance now has to the significant financial resources of Terra Nova will ensure that the company is better able to secure profitable growth from its long established relationships with insurers and brokers around the world.''