NU Online News Service, June 29, 1:20 p.m. EDT

Bermuda-based Catlin Group Limited will establish a reinsurance company in Switzerland to expand its European-based reinsurance business, the company announced.

The international specialty property and casualty insurer and reinsurer said it has applied to the Swiss Financial Market Supervisory Authority (FINMA) to establish Catlin Re Switzerland.

As European market conditions improve, the company said that it will expand its portfolio of treaty reinsurance business, particularly concentrating on risks and areas of distribution that are not currently underwritten elsewhere within the Catlin Group.

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