Catlin Re Switzerland secures supervisory approval
Catlin has announced that Catlin Re Switzerland has received approval from the Swiss Financial Market Supervisory Authority to operate as a reinsurance company.
The recently established unit will be capitalised with approximately $1.1 billion and Standard & Poor’s Ratings has said that it expects to assign a long-term financial strength rating of “A” to the firm, as a core subsidiary of Catlin Group.
The new company will underwrite property and other classes of specialty reinsurance for European ceding companies, as well as trade credit surety and political risk reinsurance, on a global basis.
It will also expand a portfolio of European treaty reinsurance business as market conditions justify, building on the existing book of reinsurance business that has been underwritten by Catlin’s European offices over the past seven years.
Catlin Re Switzerland is a subsidiary of Catlin Bermuda and upon receipt of regulatory approval by the Bermuda Monetary Authority, will establish a Bermuda branch, initially to underwrite reinsurance of various Catlin Group subsidiaries.
Last month, Catlin’s Canadian subsidiary opened offices in Vancouver and Montreal in a move that will allow Catlin Canada to target new business complementary to that already written by its offices in Toronto and Calgary.
Category: Companies News, Insurance News
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