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18 May 2012

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Allied World latest to exit Bermuda for Switzerland

4 October 2010

Allied World is to move its main holding company to Switzerland, providing further evidence that Bermuda is losing its lustre as an offshore domicile.

The (re)insurer said that it has formed a new Swiss entity, Allied World Assurance Company Holdings, which would replace the existing Bermudian entity as the ultimate holding company.
But the (re)insurer will continue to write business out of Bermuda through its (re)insurance subsidiary based there.

Allied World's president and chief executive Scott Carmilani said that the...

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