Ageas SA/NV has announced the establishment of a new branch in Zurich, where its reinsurance unit will begin issuing contracts directly on Ageas paper from the Swiss office.
According to Joachim Racz (pictured above), CEO of Ageas Re, the new branch structure will allow Zurich-based underwriters to manage contracts directly on behalf of Ageas SA/NV, providing continuity in risk security for clients.
“Going forward, we will be able to write reinsurance contracts also from Zurich directly on the established paper of Ageas SA/NV,” he said in a report from AM Best. Racz emphasized that for clients and partners, the risk carrier remains Ageas SA/NV, ensuring no change in the level of risk security.
Racz said that the Zurich branch will handle all casualty lines globally, as well as property lines across Germany, Austria, Switzerland, Central and Eastern Europe, and the Nordic region.
Underwriters in Zurich will begin signing and stamping applicable policies directly at the Zurich location for business beginning Jan. 1, 2025.
The Zurich office will be managed by Anne Deister, who was appointed as branch manager, and Ageas Re has recently expanded into larger office spaces in Zurich to support this new capacity.
Separately, Ageas entered exclusive negotiations with UK-based Saga Services Ltd to distribute personal lines motor and home insurance products aimed at customers over 50, a market in which Saga specializes. The deal also involves Ageas acquiring Saga's underwriting unit, Acromas Insurance Co Ltd.
As part of the transaction, Ageas UK, a subsidiary of Ageas, would form a 20-year affinity partnership with Saga’s broking arm, Saga Services Ltd. (SSL). In the fiscal year ending July 31, SSL distributed over £479 million (US$626 million) in gross written premiums across motor and home insurance lines.
Earlier this year, Ageas Re also reflected on 2023 and what it describes as an overwhelming market response to its offerings following its first year of reinsurance activities.
Initially focusing on property insurance, Ageas Re says that it is now poised to diversify, with a particular emphasis on expanding into the casualty sector, specifically in motor third-party liability reinsurance.
The year 2023 also marked a period of both hurdles and prospects for Ageas Re. Navigating the annual reinsurance renewal process presented challenges due to the prevailing hard market conditions.
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