Swiss Re Corporate Solutions, the commercial direct risk underwriting arm of Swiss Re, has received federal regulatory approval to establish a Canadian branch of Swiss Re Corporate Solutions America Insurance Corporation (SRCSAIC).
Effective from January 1, 2023, the new entity will be called Swiss Re Corporate Solutions America Insurance Corporation – Canadian Branch (SRCSAIC – Canadian Branch). Previously this entity was named Westport Insurance Corporation – Canadian Branch.
Following this approval, this now allows for Swiss Re to transfer the new Canadian branch, the existing operations of Westport Insurance Corporation, including both new and renewal business.
Plans for the Canadian branch were first announced in February 2022.
Following the launch of the Canada branch, this will further enable strategic growth for the firm by lowering complexity and optimizing capital efficiency.
The establishment forms part of Swiss Re’s efforts to streamline the legal entity structure of its North American business.
