TransRe plans Luxembourg subsidiary in European expansion
TransRe, the reinsurance arm of Transatlantic Holdings and a wholly owned subsidiary of Alleghany Corporation, is planning a subsidiary in Luxembourg as it looks to restructure and bolster its presence in the European Union.
The new simplified corporate structure will see TransRe Zurich re-domiciled to Luxembourg and renamed while its Continental European offices in Munich, Paris and Zurich, as well as Dubai, will become branch offices of Luxembourg. TransRe expects to build up its staff in Luxembourg over time to focus on risk, compliance and central management functions.
The company said the new structure will have no impact on the business activities and staff of TransRe’s operating offices (including TransRe London).
TransRe expects to complete the restructure by mid-2019.
Paul Bonny, president TransRe Europe and Asia Pacific said: “From its foundation in New York over forty years ago, TransRe has continually expanded to serve our customers and brokers wherever they do business.
"We are now simplifying our corporate structure to enhance our long-term ability to provide underwriting support, reinsurance capacity, financial security, and prompt accounting and claims settlement to our European, Middle Eastern and North African customers and brokers.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
QBE gets green light for post-Brexit plans
CCR Group reshuffles senior management
Lancashire names new Bermuda CUO, group chief actuary
Nexus snaps up aerospace MGA from Castel
AIR launches new severe thunderstorm model for Europe
John Neal takes on ‘toughest job in industry’ as CEO of Lloyd’s
Insurtech will mean job losses and less demand for reinsurance
Guy Carp unveils insurtech unit
Many carriers to be cashflow negative by 2019: Catlin
