Why Basel?

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Several factors explain why Basel became an insurance centre. The first was capital. Insurance companies needed capital to guarantee their obligations. Basel had wealthy merchants and bankers who were willing to invest in the new companies. The second was expertise. The merchants of Basel had long experience in assessing and managing risk, in trade, in credit and in the management of family wealth. The third was the tradition of mathematics, which the Bernoullis had established and which the university continued. The fourth was the international orientation of the city, whose merchants had correspondents throughout Europe and could build an international insurance business.

The fifth factor was the demand of the city's own industries. The silk ribbon industry needed insurance for its stocks of silk and ribbons, its warehouses and its shipments. The chemical industry, which was growing rapidly in the 1860s, had particularly high fire and explosion risks and needed substantial insurance capacity. The railways and the transport companies needed insurance for goods in transit. And the growing population of the city needed life insurance, accident insurance and fire insurance for its homes and possessions.

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of August 2025.

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Dr Alexander Ressos, TEP

Rechtsanwalt/Attorney-at-Law

I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

My approach is to act as a trusted advisor who works directly with decision-makers, on an equal footing: I start from what you want to achieve and shape every structure, contract and tax decision around your commercial goals and how it improves your after-tax return. As “lawyers who make it happen”, my team and I stay involved until your company is set up, your structure is in place and your transaction has closed, and we remain available for any follow-on work that may be required. You benefit from bespoke solutions and personal attention, and sound, friendly and practical advice. We are not the lowest-cost provider in the market, nor do we intend to be; our aim is to deliver well-founded, proper solutions and excellent value for money.

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