Swiss Re Corporate Solutions to streamline the legal entity structure of its North American business
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Swiss Re Corporate Solutions announced today it will streamline the legal entity structure of its North American business and establish Swiss Re Corporate Solutions America Insurance Corporation as its North American flagship insurance carrier.
The regional legal entity changes will reduce complexity, enable Corporate Solutions' strategic growth and improve financial efficiency. This streamlining follows the Swiss Re Group's announcement on September 25, 2020 to reorganize the legal entity structure of Corporate Solutions.
As part of its carrier optimization, Corporate Solutions has informed its regulators of its intention to redomesticate North American Specialty Insurance Company (NAS) to Missouri (from New Hampshire), change its name to Swiss Re Corporate Solutions America Insurance Corporation and transfer its other US primary carriers to Swiss Re Corporate Solutions America Insurance Corporation.
The target legal entity structure is expected to be implemented by the start of 2022, subject to receipt of the required regulatory approvals. Customers and business partners will continue to benefit from Corporate Solutions' risk knowledge leadership, collaboration and capital strength. These changes will not impact existing business.
As a result of these planned changes, new and renewal business for Westport Insurance Corporation's current lines of business will begin to transition to Swiss Re Corporate Solutions America Insurance Corporation or one of its subsidiaries.