Amlin Bermuda’s reinsurance operation is to become a branch of a new unit based in Switzerland, the UK-based insurer announced today.

But the company stressed that it remained committed to Bermuda where it has 32 staff and said it expected that total to grow.

In a statement, Amlin said the new Zurich-based unit will be called Amlin AG, trading as Amlin Re Europe.

Amlin AG’s underwriting unit will be staffed by a core team recruited from Swiss Re and headed by Philippe Regazzoni, who will become the operation’s chief executive.

* Read more in the Business section of tomorrow’s Royal Gazette.