Swiss financial regulator approves new reinsurer

Lloyd’s insurer Catlin’s new Swiss reinsurance unit has been approved by the Swiss Financial Market Supervisory Authority (FINMA) to operate in the country.

The reinsurer, Catlin Re Swizterland, will be capitalised with around $1.1bn, and expects to get an A financial strength rating from rating agency Standard & Poor’s.

Catlin first revealed its plans to form Catlin Re Switzerland on June 29. It named Peter Schmidt as CEO of the new company on August 3.

"I am delighted to announce that Catlin Re Switzerland has received approval from FINMA,” Schmidt said in a statement. “The establishment of Catlin Re Switzerland will significantly expand the Catlin Group's presence in the European marketplace. Our ambition is to build Catlin Re Switzerland over time to become a leading European specialty reinsurer.”

He added: "We are pleased that Catlin Re Switzerland can now serve clients for the upcoming January 1 2011 renewals."