Swiss Re starts 2023 with new name in Canada

A new year, a new name.

Swiss Re Corporate Solutions received regulatory approval from the Office of the Superintendent of Financial Institutions (OSFI) to establish a Canadian branch of Swiss Re Corporate Solutions America Insurance Corporation (SRCSAIC).

The new branch became operational on Jan. 1, 2023.

The change transfers existing operations of the Canadian branch of Westport Insurance Corporation, including new and renewal business, to the new corporate entity now known as Swiss Re Corporate Solutions America Insurance Corporation – Canadian Branch.

In February 2022, Swiss Re Corporate Solutions said it had filed an application with regulators to establish a Canadian branch of North American Specialty Insurance Company (NAS) and transfer operations to that branch, including new and renewal business, from its existing Westport branch.

Those changes are part of an effort launched in early 2021 to streamline the legal entity structure of its North American business and establish SRCSAIC as the company’s flagship on the continent.

Establishment of the Canadian branch will reduce complexity and optimize capital efficiency to facilitate some strategic growth, the company said in a February 2022 press release.

Feature image courtesy of iStock.com/pialhovik