A Bermuda insurance company has just opened an new reinsurance company in Ireland, according to a release issued by Imagine Re.

The Board of Directors of Imagine Insurance Company Ltd., the wholly owned subsidiary of Imagine Reinsurance Holdings Ltd. of Hamilton, Bermuda, yesterday announced the capitalisation and start up of Imagine International Reinsurance Limited in Dublin.

The company said the office will serve as the operational headquarters for the Imagine Group in Europe.

Co-CEO Brad Huntington commented: "Dublin will be a significant operation for Imagine.

"We continue to see strong demand for our products and business opportunities arising from Europe.

"We will gear the Dublin office to effectively communicate with and service both our existing clients and potential markets in the region.

"Both our European clients and investors will greatly benefit from the presence of the talented team we are building in Dublin."

Thomas Gleeson, Co-CEO added: "Opening a Dublin office is consistent with our stated goal of developing a European financial services platform.

"We intend to add to the seasoned professionals we have in Dublin and continental Europe by drawing on the talented pool of people that are central to Ireland's economic success.

"Imagine is proud to contribute to that experience."

The Imagine Group is a finite-risk reinsurance enterprise designed to be a leading provider of structured insurance and reinsurance capital to the global insurance marketplace.

Its products serve to enhance the financial conditions and returns of major insurance and reinsurance companies worldwide.