Aspen Re is to step up its presence in the European reinsurance market by opening an office in Switzerland.

The new operation in Zurich, described by the company as "a major office", will serve as the hub for Aspen's European reinsurance activity.

Aspen Re, a subsidiary of Bermuda-based Aspen Insurance Holding Ltd., said in a statement yesterday: "This move is strategically important for Aspen Re as Europe is the second largest insurance buyer in the world after the United States.

"Furthermore, Zurich is one of the major financial centres in Europe and a key location for many insurance companies, making it increasingly important to have a physical presence close to where clients do their business. Aspen Re Europe represents the first time Aspen has established a dedicated operation to pursue all lines of business in continental Europe."

The company wants Aspen Re Europe to serve as a "one-stop shop" incorporating a wide range of business lines.

The Zurich office will be headed by Jacopo D'antonio, president and chief underwriting officer, who has 16 years' experience in the industry.

He joined Aspen at its inception in 2002, having joined from Wellington's Syndicate 2020 at Lloyd's in 2001, where he was part of the team that set up Aspen Re and was later appointed head of Property Reinsurance in London and head of Reinsurance Business Development in Europe.

Aspen Re anticipates that the Swiss branch will employ up to 20 people in the next two years.

Aspen chief executive officer Chris O'Kane said: "The planned launch of Aspen Re in Europe and the opening of our Zurich office are the first steps to Aspen expanding its European footprint and positioning ourselves to take advantage of the numerous opportunities we see on the Continent.

"This will enable us to provide an enhanced and localised service to our European clients, and a solid base from which we can access countries in Central and Eastern Europe which are experiencing strong economic growth and, as a result, significant demand for insurance."