Ace Limited has denied it’s planning to move from its Bermuda headquarters after deciding to change its place of incorporation from the Cayman Islands to Switzerland.

The insurer will set up a corporate holding office in Zurich as part of the change in domicile, which will be effective from July next year, subject to shareholder approval at next month’s AGM.

In a statement, Ace says the move will enable it to take advantage of numerous commercial and tax treaties Switzerland holds with other countries.

The move will have no material difference to the insurer’s operations. Ace says it will continue to be headquartered in Bermuda, registered with the US Securities and Exchange Commission and listed on the New York Stock Exchange.

The insurer says expenses resulting from its move to Zurich will be minimal.