Bermudian to head new insurance consultancy firm
An international group of insurance advisors is to set up a Bermuda office with $25 million to invest in the market, it was announced yesterday.
Allianz Risk Transfer (Bermuda) Ltd. is being set up to offer North American clients advice on the management of financial and insurance risk.
The new company, which is a subsidiary of New York incorporated Allianz Risk Transfer Inc., will be based at Victoria Hall in Victoria Street in Hamilton.
The parent company was originally established by Munich-based Allianz AG -- one of the world's largest insurance firms -- to act as a consultant in capital market transactions and as a reinsurance intermediary.
Bermudian Robin Hamill will be returning to the Island to become president of the new company. Mr. Hamill, who has eight years of alternative risk experience, has moved from the post of managing director of Allianz Risk Transfer Inc. in New York to take up the position.
Mr. Hamill was previously the vice president of Centre Re in Bermuda. He will be joined by a former colleague, Karen Amos, who will become an associate. Ms Amos previously worked at Centre Re and AIG in Bermuda.
"The establishment of an ART company in Bermuda, combined with the existing New York office demonstrates our commitment to servicing our North American clients,'' said Jay Ralph, president and chief executive officer of Allianz Risk Transfer in Zurich, Switzerland. "Bermuda has successfully evolved from a specialty market to a significant global insurance centre.'' Allianz Risk Transfer deals with the alternative risk transfer business within the Allianz Group. Allianz Risk is given top ratings by Standard & Poor's.
From the beginning of the year the company has had a capital base of $362 million.
Allianz Risk Transfer is a wholly-owned subsidiary of Allianz AG, which is one of the world's largest insurance groups with operations in 68 countries. The Munich-based group posted net profit of $2 billion in 1998, with assets under management worth $370 billion. Allianz AG has a triple A rating from Standard and Poor's.
