NU Online News Service, Dec. 8, 3:48 p.m. EST

Catlin Group Limited, international specialty property and casualty insurer and reinsurer, announced that Catlin Re Switzerland Ltd. has received approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate as a reinsurance company.

Catlin Re Switzerland will be capitalized with about $1.1 billion.

Standard & Poor's Ratings Services said last month that it expects to assign a long-term financial strength rating of "A" to Catlin Re Switzerland as a core subsidiary of the Catlin Group, subject to capitalization of the company and receipt of all necessary regulatory approvals.

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