Transatlantic Holdings (TransRe), the reinsurance arm of the Alleghany Corporation, has announced plans for a subsidiary in Luxembourg as it looks to reorganise and strengthen its European presence.
The new, simplified corporate structure will see TransRe Zurich re-domiciled and renamed while TransRe’s continental European offices in Munich, Paris, Zurich, and Dubai will become branch offices of Luxembourg.
“From its foundation in New York over 40 years ago, TransRe has continually expanded to serve our customers and brokers wherever they do business,” said Paul Bonny, President of TransRe Europe and Asia Pacific.
TransRe expects to build up its staff in Luxembourg over time to focus on risk, compliance and central management functions; the restructure is due to be completed by mid-2019.
“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,” added Bonny
TransRe says this move will have no impact on the business activities and staff of TransRe’s operating offices, including TransRe London, and expects the subsidiary to maintain its current group financial strength ratings.
