REINSURERS
Ageas Directs Reinsurance Underwriting Through New Zurich Branch
Zurich //BestWire// - Ageas SA/NV is opening a new branch in Zurich, where its reinsurance arm will write contracts from the site directly on Ageas paper.
Joachim Racz"Going forward, we will be able to write reinsurance contracts also from Zurich directly on the established paper of Ageas SA/NV," Joachim Racz, chief executive officer, Ageas Re, said in a statement on LinkedIn. "For our clients and partners this means no change in terms of security of the risk carrier, the risk carrier continues to be Ageas SA/NV."
Racz said the incorporation of a branch in Switzerland allows the company's Zurich based underwriters to write business on behalf of Ageas SA/NV.
All business incepting from Jan. 1, 2025, that is handled by underwriters in Zurich can now be signed and stamped in Zurich, Racz said.
"Currently within scope are all casualty lines of business worldwide and property for the regions DACH (Germany, Austria and Switzerland), Central and Eastern Europe and Nordics," he said.
Racz said Anne Deister was named branch manager in Zurich.
Ageas Re also moved into new Zurich offices with more space, he said.
Ageas recently entered into exclusive negotiations with Saga Services Ltd., a United Kingdom-based specialist provider of products and services to people older than 50, to distribute personal lines motor and home insurance to its customers (BestWire, Oct. 11, 2024). The transaction would also see Ageas acquire Saga's insurance underwriting business Acromas Insurance Co. Ltd., the company said at the time.
Under terms of the deal, Ageas UK, a subsidiary of Ageas, would enter into a 20-year affinity partnership with SSL, Saga's insurance broking business, which distributed in excess of £479 million ($626 million) in gross written premiums for the year ended July 31 across its motor and home insurance products.