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“If you want to get to new classes of business, you have to be prepared to have an office where that business is going to come.”


This was a prime reason given by Amlin Re Europe, which began


trading from its Zurich office in October 2010. “This enables us to access markets best accessed from a European location, including the European non-life reinsurance market,” says Philippe Regazzoni, chief executive officer at Amlin Re Europe.


“If you want to develop European business and the more local markets,


you definitely have to do it from a European location.” Matthew Fosh, chief executive of the Novae Group, which has also


opened a local branch in Zurich, agrees. He believes that having an office in Zurich allows better access to international business before many competitors even have it on their radar.


“A core reason to open an office in Zurich is to access classes of business


which don’t come to Lloyd’s at all,” he says. “For example, we are now the biggest writer of agriculture reinsurance in Lloyd’s, not because we are a big company, but because international agriculture business doesn’t come to Lloyd’s naturally, but gets snapped up in Europe. If you want to get to new classes of business, you have to be prepared to have an office where that business is going to come.”


Others have moved their entire operation to the city in order to access


its benefits. One such company is New Re, which due to a change in its business model that required more specialist staff, moved to Zurich from Geneva in 2009.


While accessing these staff in Geneva would have been difficult, it was much more straightforward because of the density of reinsurers already


22 | INTELLIGENT INSURER | October 2011


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