Munich Re to expand operations in Switzerland – New Re relocating from Geneva to Zurich

Munich Re is set to expand its operations in Switzerland by developing new fields of business. At the same time, it is relocating New Re’s headquarters from Geneva to Zurich.

By concentrating its business activities in Zurich as well as establishing and expanding new fields of business, Munich Re is deliberately taking full advantage of the opportunities offered by the Swiss reinsurance and labour market. In this context, a decision was taken recently to use the new Zurich office as a platform for developing special insurance solutions for life insurance companies. Further new business opportunities are currently being reviewed.

New Re will be responsible for expanding business operations in Switzerland. In order to tap into all the opportunities the business location Switzerland offers the Munich Re Group, New Re will be transferring its head office from Geneva to Zurich. The main idea behind the move is to exploit the advantages of Zurich as one of the central financial and insurance market places in Europe while at the same time enhancing client proximity.

Thomas Blunck, member of Munich Re's Board of Management: "New Re will play a key role in establishing new, specialised fields of business. The Zurich location offers us a distinct edge, especially if we want to take on additional highly qualified personnel."

The move is due for completion in spring 2010. The Geneva office is scheduled to close down operations on 30 September 2010.