25.08.2006 – 10:00
Lombard International Assurance S.A. opens branch in Switzerland
Lombard establishes an office in Zurich and plans
to add another office in Geneva. It is authorised under the new
Swiss insurance law, which came into effect at the beginning of 2006
and will offer its "privatbancassurance" concept to the international
clients of Swiss private banks and asset managers. Martin Naville,
CEO of the Swiss-American Chamber of Commerce, has joined the board
Lombard International Assurance S.A. today announces the opening of its Swiss branch. Lombard has operated for fifteen very successful years from Luxembourg in the market of tax-efficient wealth management. Lombard manages over CHF 14 billion of assets. In 2005, new business exceeded CHF 3 billion.
Lombard's successful "privatbancassurance" business model concept provides long-term wealth preservation and estate planning solutions to wealthy private investors. It combines investors existing asset management and private banking arrangements with the sophisticated and tax effective use of life assurance. Attractive solutions are available for clients resident in many EU countries, and also in Asia and Latin America.
Wealthy client's investment portfolios are held within a Lombard life assurance policy. The portfolio is managed by the client's chosen investment manager and held in custody with the client's private bank. This portfolio is linked to a life insurance policy owned by the client to take advantage of the tax-favoured treatment of insurance available in the client's home country. The new Swiss insurance law came into effect at the beginning of 2006. It provides a regulatory environment within which non-Swiss life insurance companies such as Lombard can establish fully authorised branches in Switzerland specifically to serve non-Swiss clients.
Commenting on this change and Lombard's response, Chairman John Stone said:
"As a pioneering company, Lombard is the first company to obtain authorisation under this new legislation. We want to give our Swiss based business partners the highest possible level of service, and that means being physically close to them. We also plan to expand our business through the development of further relationships with private banks, asset managers and other professional advisers.
The CEO of Lombard, David Steinegger, added:
"Over the past ten years, Lombard's new business has grown by an average of over 28% each year. With this new foothold in Switzerland - the heart of private banking - and the quality people we will have based here, I am confident of continued growth in our business. In addition to the appointment of Martin Naville to the board, Lombard has made several key appointments for the Zurich branch, including Robin Amacher as Managing Director and Mats Ronneskog as Market Manager for Scandinavia. More appointments of senior, experienced professionals will follow"
Lombard's Zurich branch will be open for business with effect from 1 September 2006. A Geneva office is planned to open shortly thereafter.
Lombard International Assurance S.A. is Luxembourg's leading life insurance company and a member of the Friends Provident Plc group. It is the only truly pan-European provider of unit-linked life insurance. Focused exclusively on the high net worth individual market, Lombard has pioneered the development of "Privatbancassurance" - the sophisticated use of life insurance as a financial planning tool.
The tax-favoured status, confidentiality and high level of investor protection of Luxembourg combine with its position at the heart of Europe and the EU to provide the greatest advantage to international investors. Lombard's unique model brings these advantages to existing asset management and private banking arrangements and relationships.
For more information on Lombard, please visit www.lombard-swiss.ch
ots Orginaltext: Lombard International Assurance S.A. Internet: www.presseportal.ch
Robin Amacher, Managing Director
Ramon Villoldo, Marketing Manager