Former Bermuda-based insurer Ace has established a new subsidiary in Switzerland after moving company headquarters to Zurich in July.

Ace Insurance (Switzerland) will handle local insurance and reinsurance in that country in addition to Ace’s European reinsurance business.

Reinsurance operations for continental Europe were moved to Zurich in 2005, and will now be handled by the Swiss subsidiary.

Ace Insurance (Switzerland) carries an A+ rating from Standard & Poor’s.