Swiss Re Corporate Solutions has received federal regulatory approval to establish a Canadian branch of Swiss Re Corporate Solutions America Insurance Corporation (SRCSAIC).

Effective January 1, 2023, the new entity will transfer all operations, including new and renewal business, from the Canadian branch of Westport Insurance Corporation.

The move is part of the Swiss Re Group’s ongoing efforts to streamline the legal entity structure of its North American business. The firm said the new entity will enable strategic growth by reducing complexity and optimizing capital efficiency.

Swiss Re Corporate Solutions filed its initial application with the Office of the Superintendent of Financial Institutions (OSFI) to form a Canadian branch of North American Specialty Insurance Company (NAS) in February 2022.

At the time of that announcement, the firm said the name of the new entity would be changed to Swiss Re Corporate Solutions America Insurance Corporation – Canadian Branch upon receipt of approval from United States regulators, which is has now gained as of January 1, 2023.