Swiss Re underlines its commitment to Zurich and plans to construct a further new building at the site of its head office
01 June 2016, Zurich
- Swiss Re is planning a major new building at its head office site in Zurich
- The property at Mythenquai 20-28 will be replaced with a new building, with the long-term aim of bringing together all employees in Switzerland at a single location
Swiss Re is underlining its commitment to Zurich and has begun planning the construction of a new building at the site of its head office in the city. With the removal of the Swiss Re premises at Mythenquai 20-28 from the statutory list of heritage buildings, the path is clear to realise the vision of a "Campus Mythenquai" with another new building centrally located in Zurich. Along with the "Swiss Re Next" building at Mythenquai 50, which will be ready for use in September 2017, the planned new building at Mythenquai 20-28 will allow for all Swiss Re employees to be based in Zurich.
With this forward-looking investment, Swiss Re is underlining the key importance of Zurich for the re/insurance industry. Swiss Re has been based in Zurich since the company was founded in 1863, and it employs around 3,500 people in the Zurich area. At the current stage of planning, Swiss Re anticipates that building work at Mythenquai 20-28 will begin by mid-2019. Acting in close cooperation with the city of Zurich, in particular its Urban Planning and its Conservation and Heritage Offices, and in coordination with the city's urban design committee, Swiss Re has been examining various development scenarios for the building over the past months.
Planning has taken into account the age and state of the building, as well as its central location as a crucial part of Swiss Re's "Campus Mythenquai" concept. Although the current building is only around 35 years old, it has extensive structural problems and is in great need of renovation, particularly in terms of structural engineering, the building shell and technical installations. The decision to construct a new building is the best way to meet future needs for a modern workplace, sustainability and energy efficiency.
Swiss Re Group Chief Operating Officer Thomas Wellauer: "This additional new building at the site of our Mythenquai head office in the centre of Zurich represents an important and decisive milestone on the path to bringing all of our employees in Switzerland back together at a single location. The project also underlines our commitment to and our connection with Zurich, which we continue to view as crucial for our company and for the industry overall."
About Swiss Re
The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk-taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of around 70 offices globally and is rated "AA-" by Standard & Poor's, "Aa3" by Moody's and "A+" by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed in accordance with the International Reporting Standard on the SIX Swiss Exchange and trade under the symbol SREN. For more information about Swiss Re Group, please visit: www.swissre.com or follow us on Twitter @SwissRe.
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Cautionary note on forward-looking statements
Certain statements and illustrations contained herein are forward-looking. These statements (including as to plans, objectives, targets, and trends) and illustrations provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical fact or current fact.
Forward-looking statements typically are identified by words or phrases such as “anticipate”, “assume”, “believe”, “continue”, “estimate”, “expect”, “foresee”, “intend”, “may increase”, “may fluctuate” and similar expressions, or by future or conditional verbs such as “will”, “should”, “would” and “could”. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the Group’s actual results of operations, financial condition, solvency ratios, capital or liquidity positions or prospects to be materially different from any future results of operations, financial condition, solvency ratios, capital or liquidity positions or prospects expressed or implied by such statements or cause Swiss Re to not achieve its published targets. Such factors include, among others:
- instability affecting the global financial system and developments related thereto;
- deterioration in global economic conditions;
- the Group’s ability to maintain sufficient liquidity and access to capital markets, including sufficient liquidity to cover potential recapture of reinsurance agreements, early calls of debt or debt-like arrangements and collateral calls due to actual or perceived deterioration of the Group’s financial strength or otherwise;
- the effect of market conditions, including the global equity and credit markets, and the level and volatility of equity prices, interest rates, credit spreads, currency values and other market indices, on the Group’s investment assets;
- changes in the Group’s investment result as a result of changes in its investment policy or the changed composition of its investment assets, and the impact of the timing of any such changes relative to changes in market conditions;
- uncertainties in valuing credit default swaps and other credit-related instruments;
- possible inability to realise amounts on sales of securities on the Group’s balance sheet equivalent to their mark-to-market values recorded for accounting purposes;
- the outcome of tax audits, the ability to realise tax loss carry forwards and the ability to realise deferred tax assets (including by reason of the mix of earnings in a jurisdiction or deemed change of control), which could negatively impact future earnings;
- the possibility that the Group’s hedging arrangements may not be effective;
- the lowering or loss of one of the financial strength or other ratings of one or more Swiss Re companies, and developments adversely affecting the Group’s ability to achieve improved ratings;
- the cyclicality of the reinsurance industry;
- uncertainties in estimating reserves;
- uncertainties in estimating future claims for purposes of financial reporting, particularly with respect to large natural catastrophes, as significant uncertainties may be involved in estimating losses from such events and preliminary estimates may be subject to change as new information becomes available;
- the frequency, severity and development of insured claim events;
- acts of terrorism and acts of war;
- mortality, morbidity and longevity experience;
- policy renewal and lapse rates;
- extraordinary events affecting the Group’s clients and other counterparties, such as bankruptcies, liquidations and other credit-related events;
- current, pending and future legislation and regulation affecting the Group or its ceding companies and the interpretation of legislation or regulations;
- legal actions or regulatory investigations or actions, including those in respect of industry requirements or business conduct rules of general applicability;
- changes in accounting standards;
- significant investments, acquisitions or dispositions, and any delays, unexpected costs or other issues experienced in connection with any such transactions;
- changing levels of competition; and
- operational factors, including the efficacy of risk management and other internal procedures in managing the foregoing risks.
These factors are not exhaustive. The Group operates in a continually changing environment and new risks emerge continually. Readers are cautioned not to place undue reliance on forward-looking statements. Swiss Re undertakes no obligation to publicly revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.
This communication is not intended to be a recommendation to buy, sell or hold securities and does not constitute an offer for the sale of, or the solicitation of an offer to buy, securities in any jurisdiction, including the United States. Any such offer will only be made by means of a prospectus or offering memorandum, and in compliance with applicable securities laws.
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