Swiss Re Corporate Solutions announced it has filed an application with regulators to establish a new Canadian branch of North American Specialty Insurance Co. (NAS) and transfer operations to that branch, including new and renewal business, from its existing Westport branch.
The establishment of a new NAS Canadian branch will further enable Corporate Solutions’ strategic growth by reducing complexity and optimizing capital efficiency, said Swiss Re Corporate Solutions.
The move is part of the Swiss Re Group’s ongoing efforts to streamline the legal-entity structure of its North American business. Swiss Re Corporate Solutions announced in March 2021 that it would streamline the legal entity structure of its North American business and establish Swiss Re Corporate Solutions America Insurance Corp. as its North American flagship insurance carrier.
The NAS branch is expected to be operational in the second half of 2022, subject to Canadian regulatory approval by the Office of the Superintendent of Financial Institutions (OSFI). Its name will be changed to Swiss Re Corporate Solutions America Insurance Corp. – Canadian Branch, upon receipt of approval from United States regulators.
U.S. regulatory approval is also required because NAS’ existing branch is a branch of the U.S. company.
Source: Swiss Re Corporate Solutions
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