Lloyd's insurer "remains committed to Bermuda"
Lloyd's insurer Amlin has completed the redomestication of its Bermuda reinsurance subsidiary to Switzerland. This follows the recipt of approvals from the Swiss Financial Market Authority the Bermuda Monetary Authority.
Amlin Bermuda will become a brach of the Swiss operation, which is known as Amlin AG. Amlin AG is capitalised at approximately $1.4bn.
Amlin AG's new Zurich-based reinsurance underwriting business, Amlin Re Europe, is able to write all major non-life reinsurance classes and products. Amlin AG has already recruited 28 staff and intends to expand further as the business grows.
Despite the move, Amlin said it remains committed to Bermuda as a key operating platform. Amlin AG’s Bermuda-based branch will continue to serve its reinsurance clients and brokers in exactly the same manner as it does today.
“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.”