TransRe to strengthen European presence with Luxembourg subsidiary
TransRe, the reinsurance arm of Transatlantic Holdings, has announced its plan to launch a subsidiary in Luxembourg as it targets further expansion in Europe.
TransRe Zurich will re-domicile to Luxembourg and will be renamed while the Continental European offices in Munich, Paris and Zurich, as well as Dubai, will become branch offices of Luxembourg. The company expects to complete the restructure by mid-2019.
The company said its new simplified corporate structure will have no impact on the business activities and staff of TransRe’s operating offices (including TransRe London).
TransRe also expects to build up its staff in Luxembourg over time to focus on risk, compliance and central management functions.
“From its foundation in New York over forty years ago, TransRe has continually expanded to serve our customers and brokers wherever they do business," said Paul Bonny, president TransRe Europe and Asia Pacific. "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.”