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HAMILTON, BermudaParis Re has entered into a quota-share reinsurance agreement with Triomphe Re Ltd.
Under the terms of the deal, Paris Rewhich formerly was the reinsurance unit of Paris-based AXA S.A.will cede 24% of its property catastrophe excess-of-loss and risk excess-of-loss reinsurance business for 2007 and 2008 to Triomphe Re.
Triomphe Re was capitalized with about $185 million, Paris Re said in a statement.