Swiss Re Corporate Solutions will open a new branch in Canada as part of the restructuring in North America

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Swiss Re Corporate Solutions announced that it has filed an application with regulators to establish a new Canadian branch of North American Specialty Insurance Co. (NAS) and transfer operations to that branch, including new and renewal business , from its existing Westport branch.

The establishment of the new Canadian branch of NAS will further support the strategic growth of Corporate Solutions by reducing complexity and maximizing capital efficiency, Swiss Re Corporate Solutions said.

The move is part of the Swiss Re Group’s ongoing efforts to streamline the legal entity structure of its North American business. Swiss Re Corporate Solutions announced in March 2021 that it would streamline the legal entity structure of its North American operations and establish Swiss Re Corporate Solutions America Insurance Corp. as the leading insurance company in North America.

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). Its name will be changed to Swiss Re Corporate Solutions America Insurance Corp. – Canadian Branch, upon receipt of US regulatory approval.

US regulatory approval is also required because the existing branch of NAS is a branch of the US company.

Source: Swiss Re Enterprise Solutions

Topics
Canada Swiss Re

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