Alleghany Corporation’s wholly owned reinsurance subsidiary, Transatlantic Holdings, Inc. (TransRe) has redomiciled its TransRe Zurich Ltd subsidiary to Luxembourg, and renamed the division TransRe Europe S.A.
TransRe is headquartered in New York with operations across the globe. The reinsurer states that the redomicile from Zurich to Luxembourg supports its long-term commitment to the region’s customers and brokers.
The firm has received all necessary regulatory approvals for the redomicile and the subsidiary’s financial strength ratings have been reaffirmed by both S&P (A+ / Stable) and A.M. Best (A+ / Stable).
President of TransRe’s European and Asia Pacific businesses, Paul Bonny, said: “We are delighted to have simplified 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 Continental European, Middle Eastern and North African customers and brokers.”
Jonathan Hewitt, currently Deputy COO, International Operations at TransRe, has been appointed as the new CEO of TransRe Europe S.A., and has relocated to Luxembourg to assume his new role and responsibilities.