Zurich has suddenly become Europe’s reinsurance hub of choice for many global businesses. Intelligent Insurer investigates what the city has to offer and questions whether its status as a domicile is sustainable in the long term.
The city of Zurich has played a key role in global finance and been recognised as one of the world’s financial hubs for a long time. In recent years however, the city, located between mountains and its magnificent namesake, Lake Zurich, has grown to become also an important hub for the reinsurance industry.
The reasons for Zurich’s popularity with reinsurers are diverse. First, there are some obvious factors: the city has an advantageous geographical position at the very heart of Europe. From such a base on EU soil, reinsurers can easily seek to enter new markets across Europe.
This was a prime reason given by Amlin Re Europe, which began trading from its Zurich office in October 2010. “This enables us to access markets best accessed from a European location, including the European non-life reinsurance market,” says Philippe Regazzoni, chief executive officer at Amlin Re Europe.
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Zurich, Europe, Novae Syndicates, New Re, Guy Carpenters, Tokio Millennium Re, Swiss Re, Amlin Re Europe, Reinsurance