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Allied World latest to leave Bermuda for Switzerland

1 October 2010

Bermudian (re)insurer Allied World is to move its main holding company from Bermuda to Switzerland, providing further evidence that the island is losing its lustre as an offshore domicile.

Allied World 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...

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