Zurich Financial Services Group subsidiary Centre Solutions is hoping to expand into the Pacific Rim market.

This week the alternative risk management specialists opened up new offices in Sydney and Hong Kong.

The Sydney office will serve the Australian and New Zealand markets and will be headed by company Vice Presidents Brian Kirwan and Geoff McAdam.

Centre Solutions CEO David Wasserman, in Sydney for the opening yesterday, said: "Our presence in Sydney is indicative of our global strategy to provide alternative capital solutions to our customers worldwide in the form of insurance or reinsurance structures. "The Australian and New Zealand markets are of growing significance -- we see real value in being able to offer our customised approach to risk management to clients and prospective clients in this region. Our location here will enhance our abilities to initiate and complete new business opportunities.'' Mr. Wasserman said the worldwide trend of the convergence of the financial and insurance industries, combined with the need to provide clients with increasingly innovative solutions to managing risk, suggested that Centre's business opportunities in the region could expand quickly.

At the opening of the company's first operation in Hong Kong yesterday, managing director Bryan Bowers claimed that Asian businesses were now facing new challenges.

"Although Asian companies have traditionally insured themselves against property and casualty risks -- and many are now painfully aware of the need to manage foreign exchange risk -- most companies do not realise what they can do to manage other business and financial risks.

"One of the problems at present is the scarcity of capital. We have helped companies in other parts of the world to free up existing capital and to transfer risk so that access to new capital is improved. Now we are ready to apply our experience and skills to working with Asian companies.''