ACE European Group Ltd has announced that ACE Tempest Re Europe has moved its Dublin underwriting operation to Zurich, Switzerland. The reinsurance division will continue to underwrite treaty reinsurance for all property and casualty lines of business, principally in continental Europe.
Explaining the reasons behind the move, Jim Hooban, managing director, ACE European Markets, said that the operation would benefit greatly from being relocated to the continent, particularly in a marketplace as mature as Switzerland, where ACE Tempest Re could avail of the steady stream of business which passed through the region. “Being based in Dublin,” he said, “we were somewhat constrained in our ability to underwrite treaty reinsurance for continental Europe,” adding that, “Moving the operation onto the continent was a logical step and will greatly improve our access to the continental marketplace.”
Hooban was keen to point out that while this would bring an end to ACE Tempest Re's Dublin operations, this was a small part of their overall presence in Ireland, and would involve the relocation of only two individuals.