The firm made a point about Switzerland's political stability and how it contrasts with the picture elsewhere.
Lombard International Assurance has appointed Luca Bertacchi to the newly-created role of director, head of Switzerland and international markets.
Bertacchi will drive the business’s “ambitious growth plans in Switzerland”, it said, and support teams in the firm’s three hubs in Zurich, Geneva and Lugano.
Since joining the firm in 2011 as country manager for the Italian market, Bertacchi was also regional director for Central & Southern Europe in January (2016). When he was promoted to that role, he became responsible for business development activities in Benelux, Italy, France, Spain, Portugal and Turkey.
The firm said that the move underscores the importance of the Swiss market as a safe, politically stable jurisdiction at a time when geopolitical worries in other regions have reminded ultra-high net worth and HNW individuals of its merits.
“Luca is the ideal appointment to this strategically important role, having successfully grown new business across Europe. Switzerland has built its reputation as the jurisdiction of choice for safeguarding assets. Ongoing global geopolitical uncertainty has seen Switzerland’s unique ecosystem and security attract significant international private capital inflows, and increasing demand for innovative solutions that protect, preserve and pass on wealth,” Axel Hörger, CEO of Lombard International Assurance, said.
Prior to Lombard, Bertacchi held a number of senior positions throughout his career, including head of sales and marketing at Pioneer Alternative Investment Management, head of sales Swiss market at Pioneer Investments, head of Energy Group Milano, director at Fortis Bank SA/NV, and senior vice president of corporate origination at UniCredit Banca Mobiliare Spa.
The firm has head offices in Luxembourg and Philadelphia and assets under administration of more than €44.9 billion ($49.7 billion) as of 30 June 2019. It is owned by funds managed by the Blackstone Group.