Catlin gets green light in Switzerland
by Richard Kilner
Story link: Catlin gets green light in Switzerland
International specialty property/casualty insurer and reinsurer Catlin Group Limited has announced that Catlin Re Switzerland Ltd. has been given the green light by the Swiss Financial Market Supervisory Authority to operate as a reinsurance company.
Catlin Re Switzerland will be capitalised with US$1.1bn, and if Standard & Poor’s Ratings Services’ prediction of last month proves accurate it will be given a long-term financial strength rating of ‘A’.
The establishment of Catlin Re Switzerland is a significant milestone in Catlin’s international expansion strategy, with the reinsurers broadening its European treaty reinsurance business as market conditions permit.
Catlin Re Switzerland Chief Executive Peter Schmidt expressed his delight at the approval granted to the firm by the Swiss Financial Market Supervisory Authority, stating that the move would significantly increase Catlin’s European presence.
Last month Catlin expanded its presence in Canada, with the addition of new offices in Vancouver and Montreal, augmenting its offices in Toronto and Calgary.