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LONDON--Aspen Insurance UK Ltd. is expanding in Europe, and a Zurich-based office will serve as the hub for the company's European reinsurance business, the company said Thursday.
Aspen Insurance UK, also known as Aspen Re, was established in June 2002 and is the largest unit of parent Hamilton, Bermuda-based Aspen Insurance Holdings Ltd.
"Aspen Re Europe represents the first time Aspen has established a dedicated operation to pursue all lines of business in continental Europe," the company said in a statement.
Jacopo d'Antonio, president and chief underwriting officer at of Aspen Re, will lead the new Zurich-based office, which is expected to grow to a staff of 20 within two years, Aspen Re said.
"The planned launch of Aspen Re in Europe and the opening of our Zurich office are the first steps to Aspen expanding its European footprint and positioning ourselves to take advantage of the numerous opportunities we see on the Continent," said Chris O'Kane, Aspen's chief executive officer, in a statement. "This will enable us to provide an enhanced and localized service to our European clients, and a solid base from which we can access countries in Central and Eastern Europe which are experiencing strong economic growth and, as a result, significant demand for insurance."