Allianz Risk Transfer AG (ART) plans to transfer its headquarters from Switzerland to Liechtenstein by the end of 2016. The move will grant the company easier access to the European Economic Area (EEA).
The Swiss Financial Market Supervisory Authority (FINMA) must still give its approval. However, Allianz Risk Transfer (ART) confirmed upon request that its new headquarters would soon launch with up to ten skilled workers. It currently employs 85 people in its Zurich office, which is run as a subsidiary. According to a press release, ART is not expecting substantial changes to its tax expenses. Instead, it claimed the move would improve its market access to the EEA, and simplify its organisational structure and regulatory requirements in Europe. With the Liechtenstein Financial Market Authority (FMA), ART will be subjected to only one more supervisory authority in Europe, writes the press release.
ART belongs to the Allianz Group as a specialist in alternative risk transfer for companies, also with typical industrial and special insurance solutions. Currently registered as an insurance company at its headquarters in Zurich, ART has an independent subsidiary in the Netherlands that provides access to the EEA. The subsidiary in question is to be consolidated and its Amsterdam headquarters dissolved. Speaking in the press release, Thomas Schatzmann, CFO and member of the board at ART, commented: "A new headquarters in Liechtenstein will allow us to position ourselves under Solvency II criteria with significantly greater efficiency." Also in Liechenstein's favour as a location is its geographic proximity to important Allianz offices in Zurich and Munich.