the creation of Swiss Re New Markets as of July 1, dedicated to the fast-growing alternative risk transfer (ART) marketplace, which includes Swiss Re's operations in Bermuda.

Swiss Re New Markets is to operate out of the new building, Mintflower Place, on Par-La-Ville Road with four professional staff including three underwriters, together with support staff.

David R. Whiting, a spokesman for Swiss Re New Markets in Bermuda, said: "We have a branch underwriting authority here in Bermuda, although Swiss Re New Markets is headquartered in Zurich. Swiss Re New Markets is a way of categorising a division of employees within Swiss Re, as well as the type of business that is conducted by a particular area, ART, within the Group.

"But Swiss Re New Markets is also legally a reinsurance company domiciled and licensed in Switzerland, formerly European Reinsurance Co. of Zurich, which has now been renamed Swiss Re New Markets, for which we have permit underwriting authority to bind here in Bermuda.

"So, as a permit company, we are distinct from many of the other insurance operations here in the form of our presence.'' Mr. Whiting said there were no specific plans to substantially increase the staff in Bermuda, but in the medium to long term future it is likely to grow.

Swiss Re New Markets has 200 or more employees around the world.

Mr. Whiting said: "We represent a very specialised and scarce underwriting resource here in Bermuda in that myself and Scott Bradley, in particular, have between us 35 years finite risk underwriting experience and there is not a lot of finite risk underwriting experience in the group, or worldwide for that matter.

"If you are looking at the complicated, multi-year, multi-line programmes similar to what Centre Re does, there are only a few people with the experience or expertise. That is what Scott and I do exclusively. We are both underwriters and also actuaries.'' Swiss Re is a 70 percent stakeholder in Bermuda-based International Risk Management Group, which manages Harrington International Ltd., a pool for property cover. Moving over to Swiss Re New Markets from Harrington is another underwriter, Peter J. Fallon.

Swiss Re sees significant opportunities in this sphere for serving both corporate and insurance clients. The company is already a leading global provider of risk management products and customised solutions.

CEO of the Swiss Re Group, Walter B. Kielholz said: "We believe that we have something unique to offer our insurance and corporate clients -- a complementary access to a structure of highly skilled and responsive client service teams who will work on a cross-functional basis, rather than by line of business, to develop comprehensive, tailor-made solutions with maximum efficiency.'' He said for insurance clients, financially oriented solutions utilising reinsurance and capital market techniques will be added to the conventional reinsurance programmes offered by the group worldwide and will be delivered in coordination with the traditional marketing departments.

Mr. Kielholz said that for corporate clients, Swiss Re New Markets will offer a "holistic'' approach to risk management, with resources being devoted to providing solutions including captive management, structured financial arrangements and significant risk capacity.