Swiss Re Corporate Solutions, part of the global reinsurer, is hoping to establish a new Canadian branch of North American Specialty Insurance Company (NAS) and transfer operations to that branch.
The company has filed an application with regulators to create the new branch in Canada and transfer operations, including new and renewal business, from its existing branch in Westport.
According to the firm, the launch of the NAS Canada branch will further enable strategic growth 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.
Swiss Re CorSo expects its new NAS Canada branch to be operational in the second half of this year, subject to Canadian regulatory approval by the Office of the Superintendent of Financial Institutions (OSFI).
Once approval from U.S. regulators has been received, the name will be changed to Swiss Re Corporate Solutions America Insurance Corporation – Canadian Branch.
“Customers and business partners will continue to benefit from Swiss Re Corporate Solutions’ risk knowledge leadership, collaboration and capital strength,” says the company.
