Swiss Re announced this morning it is applying to the Colombian Superintendent of Finance for approval to open a representative office in Bogotá, Colombia, to serve as a local hub for reinsurance clients in Colombia and other countries in the Andean Region.
According to a company statement, Swiss Re intends for its Bogotá representative office to act as a sales base for treaty and facultative business in all reinsurance lines and will rely on support from Swiss Re offices in Miami and Mexico City. The Bogotá office will also provide local access to Swiss Re's technical experts in all lines of business.
Swiss Re has served the Colombian and Andean markets since 1952, when it signed the first treaty with a Colombian company.
Since then, the company’s role in the Colombian re/insurance industry has grown, Swiss Re said, by “continuously adapting its organizational model in line with economic situations.” The reinsurer is confident that a local representative office will further accelerate this growth and allow it to better apply its financial strength and global experience to support the region's economic development.
"Colombia has successfully overcome challenges to set a new benchmark for the region in managing country risks,” Eric Smith, CEO of Swiss Re Americas, said. “When I see our Andean clients' commitment to using insurance as a catalyst for economic growth, it inspires me to think of more and better ways to partner with them to drive progress."
The opening of this office is subject to the approval of the Colombian regulatory authorities.
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