Reinsurer Paris Re Holdings Ltd. said it will transfer its operations in Bermuda to its Swiss unit Paris Re Switzerland AG.

The company said the move, expected to be effective in the second half of the year, will significantly enhance the financial capacity of the Swiss unit and optimise the allocation of its capital resources within the group.

Since no business has been underwritten directly from Bermuda, the transfer of the local operations will not have an impact on Paris Re's portfolio or its customers, the company said.