Catlin Group Limited, the international specialty property/casualty insurer and reinsurer, announced that its reinsurance subsidiary, Catlin Re Switzerland Ltd. has received approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate as a reinsurance company. Catlin announced the Company’s formation last June. It is based in Zurich as a subsidiary of Catlin Bermuda (Catlin Insurance Company Ltd.)
Catlin Re Switzerland will be capitalized with approximately $1.1 billion. Standard & Poor’s Ratings Services said last month that it expects to assign a long-term financial strength rating of ‘A’ to the company, “as a core subsidiary of the Catlin Group, subject to capitalization of the company and receipt of all necessary regulatory approvals.
Catlin stressed that the formation of the Swiss-based reinsurer is a “major development in the Catlin Group’s international expansion and distribution strategy. The 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.
“Catlin Re Switzerland will expand its portfolio of European treaty reinsurance business as market conditions justify, building on the existing book of reinsurance business that has been developed and underwritten by Catlin’s European offices over the past seven years.
Catlin added that “upon receipt of regulatory approval by the Bermuda Monetary Authority, Catlin Re Switzerland will establish a Bermuda branch, initially to underwrite reinsurance of various Catlin Group subsidiaries.
Peter Schmidt, Chief Executive of Catlin Re Switzerland, commented: “I am delighted to announce that Catlin Re Switzerland has received approval from FINMA. The establishment of Catlin Re Switzerland will significantly expand the Catlin Group’s presence in the European marketplace. Our ambition is to build Catlin Re Switzerland over time to become a leading European specialty reinsurer.
“We are pleased that Catlin Re Switzerland can now serve clients for the upcoming 1 January 2011 renewals.”
Source: Catlin Group
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