THE ATTRACTION OF HUBS ZURICH - A NEWCOMER S PERSPECTIVE

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1 Euroforum Reinsurance Summit 200 THE ATTRACTION OF HUBS ZURICH - A NEWCOMER S PERSPECTIVE Andreas Molck-Ude (CEO and Managing Director)

2 OUTLINE. Perceptions of Hubs 2. Aspects about Zurich 3. Case Study New Re 2

3 PERCEPTIONS OF HUBS Perception : A hub is a country vs. a hub is a city. Germany US Bermuda Switzerland UK (incl. Lloyd's) Top 0 reinsurance market places Japan France Ireland Korea India (per volume) Net written premium ($m) 2 No. RI Aggregation per domicile of S&P top 50 reinsurers New Re Research 3

4 PERCEPTIONS OF HUBS Perception : A hub is a country vs. a hub is a city. US Bermuda UK (incl. Lloyd's) Ireland Germany Japan Switzerland France South Africa Australia Top 0 reinsurance market places (per number of reinsurers) No. RI UK (incl. Lloyd's) 2 New Re Research Germany US Bermuda Switzerland Top 0 reinsurance market places Japan France Ireland Korea India (per volume) Net written premium ($m) 2 No. RI Aggregation per domicile of S&P top 50 reinsurers (2007) New Re Research 4

5 PERCEPTIONS OF HUBS Perception : A hub is a country vs. a hub is a city. Example: Hub Germany 340 km 630 km Germany US Bermuda Switzerland UK (incl. Lloyd's) Top 0 reinsurance market places Japan France Ireland Korea India (per volume) Net written premium ($m) 2 No. RI Aggregation per domicile of S&P top 50 reinsurers New Re Research 430 km 5

6 PERCEPTIONS OF HUBS Perception 2: A hub is a reinsurance centre chosen due to its proximity to primary insurance clients. US Japan UK France Germany China Italy Netherlands South Korea Canada Top insurance market places (est. premium $bn) '28 Munich Re, Topics GEO 200 Germany US Bermuda Switzerland UK (incl. Lloyd's) Top 0 reinsurance market places Japan France Ireland Korea India (per volume) Net written premium ($m) 2 No. RI Aggregation per domicile of S&P top 50 reinsurers (2007) New Re Research 6

7 PERCEPTIONS OF HUBS Perception 3: Favourable taxation and regulation are the primary drivers for a domicile decision (in a hub) Taxation & regulation play an important role but not necessarily the key role e.g. London is not a tax haven. e.g. Luxembourg or Labuan are not considered to be hubs and will probably not develop into hubs. Trend of Bermudians to move to Europe Potential tax and regulatory implications for insurance & reinsurance covers purchased in Bermuda is an element in the considerations Strategic considerations, business access, however, appear to be primary drivers Trend to redomicile to EU or Swiss hub is not least strategy/business-driven 7

8 PERCEPTIONS OF HUBS CONCLUSIONS There are no golden rules applying to all reinsurance hubs, however. Reinsurance Hubs. are cities rather than countries. do not necessarily develop due to proximity to clients but rather due to aspects facilitating business flow and business transactions. are not necessarily tax havens but will usually have aspects of a favourable regulatory environment (tax, supervision, accounting) and/or client proximity and/or infrastructure. Successful reinsurance Hubs. attract and retain qualified resources and develop into centres of reinsurance expertise. 8

9 OUTLINE. Perceptions of Hubs 2. Aspects about Zurich 3. Case Study New Re

10 SOME ASPECTS ABOUT ZURICH REINSURERS IN GREATER ZURICH AREA (200) 8 ~ Agglomeration Zurich/Zug : 3 out of a total of 34 Reinsurers (excl. captives, incl. planned set-ups) Canton Zurich: Approx Employees New Re Research Data: Finma, Commercial Registers, BFS & ZAHW Date: valid until May 200 0

11 SOME ASPECTS ABOUT ZURICH STEADY INFLOW OF NEW PLAYERS Name Moved from Moved to Amlin Re Europe Bermuda Zurich Novae Re (new) Zurich New Re Geneva Zurich Ace Holding Cayman Islands Zurich Endurance, Bermuda (new) Zurich XL Re Europe, Dublin (new) Zurich Echo Rückversicherung (new) Zurich Year Legal form 200 Headquarter 200 Zurich branch 200 Headquarter 200 Holding 2008 Zurich branch 2008 Zurich branch 2008 Headquarter Allianz Re (new) Zurich 2007 Subsidiary Aspen Re, UK/Bermuda (new) Zurich 2007 Zurich branch SCOR (via Converium) Zurich 2007 Hub Zurich (since 0) Arch Re Europe, Dublin (new) Zurich 2006 Zurich branch Axis Re Dublin (new) Zurich 2003 Zurich branch New Re Research

12 SOME ASPECTS ABOUT ZURICH STEADY INFLOW OF NEW PLAYERS Name Moved to Year Legal form Europa Re Zug 20 Headquarter Allied World Asssurance Company Zug 200 Holding Montpelier Re Zug 200 Branch Allied World Assurance Zug 2008 Branch Company Paris Re Zug 2007 Holding Glacier Reinsurance Schwyz 2004 Headquarter of Glacier Group Signal Iduna Rückversicherung Zug 2003 Subsidiary New Re Research 2

13 SOME ASPECTS ABOUT ZURICH ATTRACTIONS SPECIFIC TO ZURICH Manpower - expertise Business access Attractive labour market with skilled and experienced reinsurance specialists Ability to attract expertise internationally Ability to retain expertise Reinsurance labour market both for specialised and traditional reinsurance operations Accessibility via hub Zurich airport Good density of specialised consultants Insurance focus in Business Schools, Universities, foremost IVW St. Gallen Complementary secondary industry Attractions of Zurich Ideal geographic location to access European clients High business inflow through brokers and client visits Suitable both as European hub for trad. Reinsurance and for specialized reinsurers Stable regulation Attractive tax environment Political stability Good reputation Attractive market place with good reputation Infrastructure Market offer & perception 3

14 OUTLINE. Perceptions of Hubs 2. Aspects about Zurich 3. Case Study New Re 4

15 THE NEW RE CASE New Re, Zurich origins, a long Genevan tradition Foundation in Zurich on 22 February as «Neue Allgemeine Versicherungsund Rückversicherungs AG» 37 Closed its primary insurance operations and focussed solely on reinsurance 38 New major shareholders Helvetia Feuer and Schweizerische Mobiliar 40 Relocation of New Re to Geneva Global approach to expand business 88 New Re becomes part of the Munich Re 200 Focus on European markets and non-proportional treaty reinsurance 2006 Bermuda Branch starts to operate in Life reinsurance 2007 Opening Zurich office for Financial Solutions Life & Health 2008 Re-definition of New Re s strategy 200 Relocation of New Re from Geneva to Zurich 5

16 THE NEW RE CASE Structure follows Strategy Geneva Up to 200 Repositioning 200 Traditional life and non-life reinsurance Classic 2nd brand strategy Geographical focus: Europe Specialisation on structured reinsurance Platform for new business in Group Focus traditional reinsurance on excess of loss Broker-orientation Relocation to Zurich 6

17 THE NEW RE CASE REPOSITIONING AND REQUIREMENTS THE SPECIALISED TRANSACTIONAL BROKER-ORIENTEDORIENTED REINSURER Manpower - Expertise Structured non-life reinsurance Business access Manpower - Expertise New business segments Business access Manpower - Expertise Structured & financedriven life reinsurance Manpower - Expertise Traditional reinsurance Business access SWISS DOMICILE 7

18 THE NEW RE CASE OUR EXPERIENCES IN ZURICH Manpower - Expertise Recruitment within 8 months very intensive & successful: 060 applications received 75 candidates interviewed 50 new employments New hires not only from Zurich area but also from Dublin, London, Paris, Toronto, HongKong, Tokyo, Germany (various cities), Belgium 8 nationalities part of 0 staff members Business access Number of meetings with business partners in Zurich during 2-4 weeks equals client visits in Geneva during one year. 8

19 THE NEW RE CASE CONCLUSIONS The strategic re-positioning of New Re prompted a discussion on the viability Geneva as location. Specialization in structured reinsurance required particularly skilled and experienced reinsurance employees not available in Geneva, prompting relocation. In addition, the traditional reinsurance portfolio benefits from client proximity and transaction focus in Zurich. Does Zurich provide access to profitable markets for companies like New Re? The more specialized a reinsurer, the more focus on expertise and regulatory aspects (and the less relevant client proximity) The more traditional a reinsurer s portfolio, the more relevant is client proximity

20 THANK YOU VERY MUCH FOR YOUR ATTENTION Andreas Molck-Ude Chief Executive Officer and Managing Director New Reinsurance Company Alpenstrasse 3 CH-8065 Zürich Ltd. Tel.: Fax:

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