Swiss Re Corporate Solutions announced a plan to streamline the legal entity structure of its North American business.
The changes include establishing Swiss Re Corporate Solutions America Insurance Corp. as its North American flagship insurance carrier.
Also, Corporate Solutions pans to redomesticate its subsidiary North American Specialty Insurance Co. (NAS) to Missouri from New Hampshire, change its name to Swiss Re Corporate Solutions America Insurance Corp. and transfer its other U.S. primary carriers to Swiss Re Corporate Solutions America Insurance Corp.
The legal changes are intended to reduce complexity and improve financial efficiency. This streamlining follows the Swiss Re Group’s announcement on September 25, 2020.
The new legal entity is expected to be implemented by the start of 2022, subject to regulatory approvals.
Current carrier subsidiaries of Swiss Re Corporate Solutions include: Westport Insurance Corp., an admitted insurance carrier currently domiciled in Missouri; North American Specialty Insurance Co., a New Hampshire-domiciled admitted insurance carrier; North American Elite Insurance Co., Washington International Insurance Co., North American Capacity Insurance Co. (surplus lines) and First Specialty Insurance Corp. (surplus lines).
As a result of these planned changes, new and renewal business for Westport Insurance Corp.’s current lines of business will be transitioned to Swiss Re Corporate Solutions America Insurance Corp. or one of its subsidiaries.
Source: Swiss Re Corporate Solutions
*This story ran previously in our sister publication Insurance Journal.