Swiss Re Corporate Solutions will be creating a new Canadian branch of North American Specialty Insurance Company (NAS).
In a release, Swiss Re Corporate Solutions said that it has already filed an application with regulators to establish the new NAS branch, and that it would transfer operations to the location. Notably, the NAS branch will change its name to Swiss Re Corporate Solutions America Insurance Corporation – Canadian Branch, once it has been approved by US regulators.
The insurer also explained that the establishment of the Canadian branch would further enable Swiss Re Corporate Solutions’ strategic growth by “reducing complexity and optimizing capital efficiency.”
Swiss Re Corporate Solutions also said that the new branch is part of its parent company Swiss Re Group’s current efforts to streamline the legal entity structure of its business in North America.
Swiss Re Corporate Solutions said that the NAS Canada 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).
