Catlin to establish Swiss reinsurance business
by Gill Montia
Story link: Catlin to establish Swiss reinsurance business
Catlin Group has announced its intention to form a reinsurance company in Switzerland.
The international speciality property/casualty insurer and reinsurer has applied to the Swiss Financial Market Supervisory Authority to establish Catlin Re Switzerland.
The new unit, which will have capital of at least $1 billion from internal resources, will also establish a Bermuda branch (subject to regulatory approvals) to underwrite reinsurance of various Catlin Group subsidiaries.
The insurer describes the formation of Catlin Re Switzerland as a “major development” in its European expansion strategy, allowing it to take advantage of opportunities as they arise in the European market, including those created by Solvency II.
The group has also announced that its chief underwriting officer, Paul Brand, will assume the additional role of chief executive officer of European operations.
Reporting to Mr Brand will be Ralf Tillenburg, currently chief executive officer of the group’s European hub in Cologne, who will become chief executive officer-European Direct, as well as a chief executive officer-European Reinsurance.
Catlin currently has ten European offices, located in Cologne, Zurich, Antwerp, Barcelona, Bergen, Genoa, Innsbruck, Munich, Paris and Rome.
Combined gross premiums totalled $175 million during 2009 with business written on behalf of the Catlin Syndicate at Lloyd’s and Catlin UK.