TransRe Moves EU Subsidiary to Luxembourg
U.S. reinsurer TransRe in September 2018 announced plans to redomicile its continental European legal entity TransRe Zurich to Luxembourg and change its name. The continental European offices in Munich, Paris and Zurich, as well as Dubai, will become branch offices of Luxembourg.
Commenting on the move, Paul Bonny, President TransRe Europe and Asia Pacific, said: “we are now simplifying our corporate structure [for] our European, Middle Eastern and North African customers and brokers.”
Apart from P/C lines, the reinsurer also writes Accident & Health.
TransRe is the brand name for Transatlantic Holdings and its subsidiaries, including Transatlantic Reinsurance Company. The company was formed in 1977 as a facultative reinsurance division for AIG and is wholly owned by Alleghany Corporation since 2009-2010.
The change will have no impact on business activities and staff of the operating offices, including TransRe London. The new staff in Luxembourg will focus on risk, compliance and central management functions; the restructure should be completed by mid-2019.