Armonk, NY (Mar. 1, 2022) – Swiss Re Corporate Solutions has announced it has filed an application with regulators to establish a Canadian branch of North American Specialty Insurance Company (NAS) and transfer operations to that branch, including new and renewal business, from its existing Westport branch.
The establishment of the NAS Canadian branch will further enable Corporate Solutions’ strategic growth by reducing complexity and optimizing capital efficiency. The announcement is part of the Swiss Re Group’s ongoing efforts to streamline the legal entity structure of its North American business.
The NAS branch is expected to be operational in the second half of 2022, subject to Canadian regulatory approval by the Office of the Superintendent of Financial Institutions (OSFI), and its name will be changed to Swiss Re Corporate Solutions America Insurance Corporation – Canadian Branch upon receipt of approval from United States regulators.
Customers and business partners will continue to benefit from Swiss Re Corporate Solutions’ risk knowledge leadership, collaboration and capital strength.
About Swiss Re
The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally. For more information, please visit www.swissre.com.
SOURCE: Swiss ReTags: Swiss Re