Amlin To Redomicile to Switzerland, No Jobs Lost

Amlin Plc is moving the headquarters of its Bermuda unit to Switzerland, however the company says it remained committed to Bermuda “as a key operating platform”.

Locally, Amlin has 32 employees and the company say they expect that figure to grow as the Bermuda business develops further.

Amlin intends to re-domicile its legal carrier Amlin Bermuda Limited from Bermuda to Zurich, and that the new Zurich-based Swiss company will be named Amlin AG. The existing operations of Amlin Bermuda will become a Bermuda-based branch of Amlin AG.

Amlin Bermuda will continue to serve its existing reinsurance clients and brokers in exactly the same manner as it does today and policyholders will be unaffected by the redomicile.

Amlin AG’s Zurich-based underwriting unit will be staffed by a team recruited from Swiss Re, headed by Philippe Regazzoni who will become Chief Executive Officer.

Mr Regazzoni commented:

We are excited by the prospect of building a third significant reinsurance business within the Amlin group and helping to reinforce Amlin’s position and brand as a leading international reinsurer. We believe that a focused and well capitalised European reinsurer will provide a strong partner for European brokers and clients.

Amlin Bermuda operates in the Bermudian reinsurance market, writing predominantly property reinsurance. In 2009 Amlin Bermuda wrote gross premiums of $628.3m and recorded a combined ratio of 55%. The executive team is led by Managing Director Stuart MacKellar, Chief Financial Officer Elizabeth Murphy and Underwriting Director Rob Wyatt. The company’s employees consists of a combination of former Amlin London professionals along with Bermudian and non-Bermudian employees.

The redomicile of Amlin Bermuda remains subject to regulatory approvals, and the capitalisation will be approximately US$1.4 billion

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