Amlin announces that it has today completed the previously announced change in the corporate domicile of its wholly-owned subsidiary Amlin Bermuda Limited from Bermuda to Switzerland. This was completed following the receipt of approvals from the Swiss Financial Market Authority (“FINMA”) and the Bermuda Monetary Authority (“BMA”).
The redomiciled Swiss company is named Amlin AG and the existing operations of Amlin Bermuda Limited will become a Bermuda-based branch of Amlin AG. Amlin AG is capitalised at approximately US$1.4 billion, placing the company amongst the leading independent players in terms of financial strength with excellent credit ratings (A from S&P, A from AM Best and A2 (positive) from Moody’s).
Amlin AG has been established as an independently capitalised, full service reinsurance operation. The company’s new Zurich-based underwriting business (trading as “Amlin Re Europe”) offers strong security and service delivery to European reinsurance buyers and brokers. Amlin Re Europe is able to write all major non-life reinsurance classes and products with a team of experienced and professional underwriters with local knowledge of each European market. Amlin AG has already recruited 28 high quality professionals and intends to expand further as the business grows.
Philippe Regazzoni, Chief Executive of Amlin AG said, “The establishment of Amlin Re Europe demonstrates Amlin’s commitment to providing European reinsurance buyers with Amlin’s strong security and service delivery. We believe that Amlin Re Europe will offer a meaningful alternative for high quality reinsurance capacity, especially for small and mid-sized companies.”
Amlin remains committed to Bermuda as a key operating platform. Amlin AG’s Bermuda-based branch will trade as Amlin Bermuda and will continue to serve its reinsurance clients and brokers in exactly the same manner as it does today. The high levels of service and security Amlin Bermuda’s clients have come to expect will be unaffected by these changes.
Source : Amlin Press Release
